Search results
Results from the WOW.Com Content Network
The total cost curve, if non-linear, can represent increasing and diminishing marginal returns.. The short-run total cost (SRTC) and long-run total cost (LRTC) curves are increasing in the quantity of output produced because producing more output requires more labor usage in both the short and long runs, and because in the long run producing more output involves using more of the physical ...
The long-run cost curve is a cost function that models this minimum cost over time, meaning inputs are not fixed. Using the long-run cost curve, firms can scale their means of production to reduce the costs of producing the good. [1] There are three principal cost functions (or 'curves') used in microeconomic analysis:
It is common to report the area under the curve (AUC) to summarize a TOC or ROC curve. However, condensing diagnostic ability into a single number fails to appreciate the shape of the curve. The following three TOC curves are TOC curves that have an AUC of 0.75 but have different shapes. [citation needed]
Wire-grid Cobb–Douglas production surface with isoquants A two-input Cobb–Douglas production function with isoquants. In economics and econometrics, the Cobb–Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs (particularly physical capital and labor) and ...
This can also be seen from the geometric picture: the trapezoids include all of the area under the curve and extend over it. Similarly, a concave-down function yields an underestimate because area is unaccounted for under the curve, but none is counted above. If the interval of the integral being approximated includes an inflection point, the ...
Blue Pure 311i Max is the top-of-the-line model out of the half-dozen or so Blue Air purifiers available. The tallest (14.4" wide x 14.4" deep x 22.7" tall) in our round-up and with a premium grey ...
A metric space defined over a set of points in terms of distances in a graph defined over the set is called a graph metric. The vertex set (of an undirected graph) and the distance function form a metric space, if and only if the graph is connected. The eccentricity ϵ(v) of a vertex v is the greatest distance between v and any other vertex; in ...
In CAD area this is a drawback, because CAD systems use polynomials or rational curves. In order to get at least rational curves, the square root of the representation of the parallel curve has to be solvable. Such curves are called pythagorean hodograph curves and were investigated by R.T. Farouki. [14]