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For example, in economics the optimal profit to a player is calculated subject to a constrained space of actions, where a Lagrange multiplier is the change in the optimal value of the objective function (profit) due to the relaxation of a given constraint (e.g. through a change in income); in such a context is the marginal cost of the ...
For example, if an increase in German government spending by €100, with no change in tax rates, causes German GDP to increase by €150, then the spending multiplier is 1.5. Other types of fiscal multipliers can also be calculated, like multipliers that describe the effects of changing taxes (such as lump-sum taxes or proportional taxes ).
Denotes square root and is read as the square root of. Rarely used in modern mathematics without a horizontal bar delimiting the width of its argument (see the next item). For example, √2. √ (radical symbol) 1. Denotes square root and is read as the square root of. For example, +. 2.
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 ...
For example, if y is considered a parameter in the above expression, then the coefficient of x would be −3y, and the constant coefficient (with respect to x) would be 1.5 + y. When one writes a x 2 + b x + c , {\displaystyle ax^{2}+bx+c,} it is generally assumed that x is the only variable, and that a , b and c are parameters; thus the ...
In mathematics and its applications, the mean square is normally defined as the arithmetic mean of the squares of a set of numbers or of a random variable. [ 1 ] It may also be defined as the arithmetic mean of the squares of the deviations between a set of numbers and a reference value (e.g., may be a mean or an assumed mean of the data), [ 2 ...
For instance, the square of the linear polynomial x + 1 is the quadratic polynomial (x + 1) 2 = x 2 + 2x + 1. One of the important properties of squaring, for numbers as well as in many other mathematical systems, is that (for all numbers x), the square of x is the same as the square of its additive inverse −x.
In the case of two goods this function could be, for example, (,) = +. The quasilinear form is special in that the demand functions for all but one of the consumption goods depend only on the prices and not on the income. E.g, with two commodities with prices p x = 1 and p y, if