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In mathematics and economics, a corner solution is a special solution to an agent's maximization problem in which the quantity of one of the arguments in the maximized function is zero. In non-technical terms, a corner solution is when the chooser is either unwilling or unable to make a trade-off between goods.
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.
The standard orientation, where the xy-plane is horizontal and the z-axis points up (and the x- and the y-axis form a positively oriented two-dimensional coordinate system in the xy-plane if observed from above the xy-plane) is called right-handed or positive. 3D Cartesian coordinate handedness. The name derives from the right-hand rule.
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.
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 ...
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 ...
That finality would allow the state's Division of Alcoholic Beverage Control to resume last year's efforts to revoke two of his licenses, a spokesperson for the division told Business Insider on ...
For any point, the abscissa is the first value (x coordinate), and the ordinate is the second value (y coordinate). In mathematics, the abscissa (/ æ b ˈ s ɪ s. ə /; plural abscissae or abscissas) and the ordinate are respectively the first and second coordinate of a point in a Cartesian coordinate system: [1] [2] abscissa-axis (horizontal ...