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Exponential growth is a process that increases quantity over time at an ever-increasing rate. It occurs when the instantaneous rate of change (that is, the derivative) of a quantity with respect to time is proportional to the quantity itself. Described as a function, a quantity undergoing exponential growth is an exponential function of time ...
t. e. In economics, the law of increasing costs is a principle that states that to produce an increasing amount of a good a supplier must give up greater and greater amounts of another good. The best way to look at this is to review an example of an economy that only produces two things - cars and oranges. If all the resources of the economy ...
A boost converter or step-up converter is a DC-to-DC converter that increases voltage, while decreasing current, from its input ( supply) to its output ( load ). It is a class of switched-mode power supply (SMPS) containing at least two semiconductors, a diode and a transistor, and at least one energy storage element: a capacitor, inductor, or ...
Graph of total, average, and marginal product. In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative ...
Kruskal's algorithm[ 1] finds a minimum spanning forest of an undirected edge-weighted graph. If the graph is connected, it finds a minimum spanning tree. It is a greedy algorithm that in each step adds to the forest the lowest-weight edge that will not form a cycle. [ 2] The key steps of the algorithm are sorting and the use of a disjoint-set ...
Here too the profit is not maximized and the firm has to lower its output level to maximize profits. In economics, profit maximization is the short run or long run process by which a firm may determine the price, input and output levels that will lead to the highest possible total profit (or just profit in short).
Wagner's law, also known as the law of increasing [a] state activity, [2] is the observation that public expenditure increases as national income rises. [3] It is named after the German economist Adolph Wagner (1835–1917), who first observed the effect in his own country and then for other countries.
In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to ...