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Reversible garment, a garment that can be worn two ways; Piaget's theory of cognitive development, in which mental reversibility is part of the concrete operational stage, the understanding that numbers and objects can change and then return to their original state; Reversible playing card, a playing card that may be read either way up
A mathematical or physical process is time-reversible if the dynamics of the process remain well-defined when the sequence of time-states is reversed.. A deterministic process is time-reversible if the time-reversed process satisfies the same dynamic equations as the original process; in other words, the equations are invariant or symmetrical under a change in the sign of time.
In economics, elasticity measures the responsiveness of one economic variable to a change in another. [1] For example, if the price elasticity of the demand of a good is −2, then a 10% increase in price will cause the quantity demanded to fall by 20%.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The entropy change of a system excluding its surroundings can be well-defined as a small portion of heat transferred to the system during reversible process divided by the temperature of the system during this heat transfer: = The reversible process is quasistatic (i.e., it occurs without any dissipation, deviating only infinitesimally from the ...
The elasticity of substitution is the change in the ratio of the use of two goods with respect to the ratio of their marginal values or prices. The most common application is to the ratio of capital (K) and labor (L) used with respect to the ratio of their marginal products M P K {\displaystyle MP_{K}} and M P L {\displaystyle MP_{L}} or of the ...
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.