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(Note that the discrete time Hamiltonian at time involves the costate variable at time + [9] This small detail is essential so that when we differentiate with respect to we get a term involving + on the right hand side of the costate equations. Using a wrong convention here can lead to incorrect results, i.e. a costate equation which is not a ...
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.
Consumption smoothing is an economic concept for the practice of optimizing a person's standard of living through an appropriate balance between savings and consumption over time. An optimal consumption rate should be relatively similar at each stage of a person's life rather than fluctuate wildly.
In economics, average cost (AC) or unit cost is equal to total cost (TC) divided by the number of units of a good produced (the output Q): A C = T C Q . {\displaystyle AC={\frac {TC}{Q}}.} Average cost is an important factor in determining how businesses will choose to price their products.
Animation showing equation of time and analemma path over one year.. The United States Naval Observatory states "the Equation of Time is the difference apparent solar time minus mean solar time", i.e. if the sun is ahead of the clock the sign is positive, and if the clock is ahead of the sun the sign is negative.
In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible options of output for two that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
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 ...
Non‑convex sets have been incorporated in the theories of general economic equilibria, [2] of market failures, [3] and of public economics. [4] These results are described in graduate-level textbooks in microeconomics, [5] general equilibrium theory, [6] game theory, [7] mathematical economics, [8] and applied mathematics (for economists). [9]