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Equilibrium point (mathematics) Stability diagram classifying Poincaré maps of linear autonomous system as stable or unstable according to their features. Stability generally increases to the left of the diagram. [1] Some sink, source or node are equilibrium points. In mathematics, specifically in differential equations, an equilibrium point ...
In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity ...
v. t. e. Supply and demand curves with economic equilibrium of price and quantity sold. Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, the unit price for a particular good or other traded item in a ...
Hyperbolic equilibrium point. In the study of dynamical systems, a hyperbolic equilibrium point or hyperbolic fixed point is a fixed point that does not have any center manifolds. Near a hyperbolic point the orbits of a two-dimensional, non-dissipative system resemble hyperbolas. This fails to hold in general. Strogatz notes that "hyperbolic is ...
Thermodynamic equilibrium is an axiomatic concept of thermodynamics. It is an internal state of a single thermodynamic system, or a relation between several thermodynamic systems connected by more or less permeable or impermeable walls. In thermodynamic equilibrium, there are no net macroscopic flows of matter nor of energy within a system or ...
A Nash equilibrium is a situation where no player could gain by changing their own strategy (holding all other players' strategies fixed). [ 1 ] The idea of Nash equilibrium dates back to the time of Cournot, who in 1838 applied it to his model of competition in an oligopoly.
In thermodynamics, the triple point of a substance is the temperature and pressure at which the three phases (gas, liquid, and solid) of that substance coexist in thermodynamic equilibrium. [1] It is that temperature and pressure at which the sublimation, fusion, and vaporisation curves meet. For example, the triple point of mercury occurs at a ...
The most important type is that concerning the stability of solutions near to a point of equilibrium. This may be discussed by the theory of Aleksandr Lyapunov . In simple terms, if the solutions that start out near an equilibrium point x e {\displaystyle x_{e}} stay near x e {\displaystyle x_{e}} forever, then x e {\displaystyle x_{e}} is ...