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In mathematics, a reflection formula or reflection relation for a function f is a relationship between f(a − x) and f(x). It is a special case of a functional equation . It is common in mathematical literature to use the term "functional equation" for what are specifically reflection formulae.
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.
A reflection through an axis. In mathematics, a reflection (also spelled reflexion) [1] is a mapping from a Euclidean space to itself that is an isometry with a hyperplane as the set of fixed points; this set is called the axis (in dimension 2) or plane (in dimension 3) of reflection. The image of a figure by a reflection is its mirror image in ...
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.
An xy-Cartesian coordinate system rotated through an angle to an x′y′-Cartesian coordinate system In mathematics, a rotation of axes in two dimensions is a mapping from an xy-Cartesian coordinate system to an x′y′-Cartesian coordinate system in which the origin is kept fixed and the x′ and y′ axes are obtained by rotating the x and ...
Then the xz plane is the interface, and the y axis is normal to the interface (see diagram). Let i and j (in bold roman type) be the unit vectors in the x and y directions, respectively. Let the plane of incidence be the xy plane (the plane of the page), with the angle of incidence θ i measured from j towards i.
The price elasticity of demand is a measure of the sensitivity of the quantity variable, Q, to changes in the price variable, P. Its value answers the question of how much the quantity will change in percentage terms after a 1% change in the price. This is thus important in determining how revenue will change.
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.