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In economics, a sunspot equilibrium is an economic equilibrium where the market outcome or allocation of resources varies in a way unrelated to economic fundamentals. In other words, the outcome depends on an "extrinsic" random variable , meaning a random influence that matters only because people think it matters.
Another example of the apparent molar volume of the second component is less than its molar volume as a pure substance is the case of ethanol in water. For example, at 20 mass percents ethanol, the solution has a volume of 1.0326 liters per kg at 20 °C, while pure water is 1.0018 L/kg (1.0018 cc/g). [ 5 ]
The standard state of a material (pure substance, mixture or solution) is a reference point used to calculate its properties under different conditions.A degree sign (°) or a superscript Plimsoll symbol (⦵) is used to designate a thermodynamic quantity in the standard state, such as change in enthalpy (ΔH°), change in entropy (ΔS°), or change in Gibbs free energy (ΔG°).
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The goal is to find models in which existence of money can alter the equilibrium solutions, perhaps because the initial position of agents depends on monetary prices. Some critics of general equilibrium modeling contend that much research in these models constitutes exercises in pure mathematics with no connection to actual economies.
A Markov perfect equilibrium is an equilibrium concept in game theory.It has been used in analyses of industrial organization, macroeconomics, and political economy.It is a refinement of the concept of subgame perfect equilibrium to extensive form games for which a pay-off relevant state space can be identified.
For pure elements or compounds, e.g. pure copper, pure water, etc. the liquidus and solidus are at the same temperature, and the term melting point may be used. There are also some mixtures which melt at a particular temperature, known as congruent melting. One example is eutectic mixture. In a eutectic system, there is particular mixing ratio ...
Making a saline water solution by dissolving table salt in water.The salt is the solute and the water the solvent. In chemistry, a solution is defined by IUPAC as "A liquid or solid phase containing more than one substance, when for convenience one (or more) substance, which is called the solvent, is treated differently from the other substances, which are called solutes.