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The language of mathematics has a wide vocabulary of specialist and technical terms. It also has a certain amount of jargon: commonly used phrases which are part of the culture of mathematics, rather than of the subject.
Economics became more mathematical as a discipline throughout the first half of the 20th century, but introduction of new and generalized techniques in the period around the Second World War, as in game theory, would greatly broaden the use of mathematical formulations in economics. [8] [7]
Algebra includes the study of algebraic structures, which are sets and operations defined on these sets satisfying certain axioms. The field of algebra is further divided according to which structure is studied; for instance, group theory concerns an algebraic structure called group.
Elasticity is an important concept in neoclassical economic theory, and enables in the understanding of various economic concepts, such as the incidence of indirect taxation, marginal concepts relating to the theory of the firm, distribution of wealth, and different types of goods relating to the theory of consumer choice.
Note in the diagram that the shift of the demand curve, by causing a new equilibrium price to emerge, resulted in movement along the supply curve from the point (Q 1, P 1) to the point (Q 2, P 2). If the demand decreases , then the opposite happens: a shift of the curve to the left.
In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
2. Equivalence class: given an equivalence relation, [] often denotes the equivalence class of the element x. 3. Integral part: if x is a real number, [] often denotes the integral part or truncation of x, that is, the integer obtained by removing all digits after the decimal mark.
As a result of this, the solution to the consumer's constrained maximization problem will not (generally) be an interior solution, and as such one must check the utility level in the boundary cases (spend entire budget on good x, spend entire budget on good y) to see which is the solution.