Search results
Results from the WOW.Com Content Network
In managerial economics, the unit of isoquant is commonly the net of capital cost. As such, isoquants by nature are downward sloping due to operation of diminishing marginal rates of technical substitution (MRTS). [3] [4] The slope of an isoquant represents the rate at which input x can be substituted for input y. [5]
The start of the line, representing the bottom 10% of the population begins low on the y-axis and then steeply rises upward, representing the tail of the elephant. From there until the 50th percentile the line curves upward, representing the torso of the elephant. From 50% to 60% there is a sharp spike in the line, representing the elephant’s ...
In most mathematical contexts, the independent variable is placed on the horizontal axis and the dependent variable on the vertical axis. For example, if f(x) is plotted against x, conventionally x is plotted horizontally and the value of the function is plotted vertically. This placement is often, but not always, reversed in economic graphs.
As used in biology, the indifference curve is a model for how animals 'decide' whether to perform a particular behavior, based on changes in two variables which can increase in intensity, one along the x-axis and the other along the y-axis. For example, the x-axis may measure the quantity of food available while the y-axis measures the risk ...
A highly elastic variable will respond more dramatically to changes in the variable it is dependent on. The x-elasticity of y measures the fractional response of y to a fraction change in x, which can be written as x-elasticity of y: = / / In economics, the common elasticities (price elasticity of demand, price elasticity of supply, and cross ...
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 that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
The Lorenz curve is invariant under positive scaling. If X is a random variable, for any positive number c the random variable c X has the same Lorenz curve as X. The Lorenz curve is flipped twice, once about F = 0.5 and once about L = 0.5, by negation. If X is a random variable with Lorenz curve L X (F), then −X has the Lorenz curve:
Income is shown on the horizontal axis and the quantity demanded for the selected good or service is shown on the vertical. The attached figure shows the derivation process of the Engel curve in case of necessities. Panel (a) is an undifferentiated graph representing consumers' preferences for goods X and Y. The three parallel lines of Rs.300 ...