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In microeconomics, the expenditure function represents the minimum amount of expenditure needed to achieve a given level of utility, given a utility function and the prices of goods. Formally, if there is a utility function u {\displaystyle u} that describes preferences over n goods, the expenditure function e ( p , u ∗ ) {\displaystyle e(p,u ...
Formally, the expenditure function is defined as follows. Suppose the consumer has a utility function u {\displaystyle u} defined on L {\displaystyle L} commodities. Then the consumer's expenditure function gives the amount of money required to buy a package of commodities at given prices p {\displaystyle p} that give utility of at least u ∗ ...
[The formula does not make clear over what the summation is done. P C = 1 n ⋅ ∑ p t p 0 {\displaystyle P_{C}={\frac {1}{n}}\cdot \sum {\frac {p_{t}}{p_{0}}}} On 17 August 2012 the BBC Radio 4 program More or Less [ 3 ] noted that the Carli index, used in part in the British retail price index , has a built-in bias towards recording ...
The expenditure approach is basically an output accounting method. It focuses on finding the total output of a nation by finding the total amount of money spent. This is acceptable to economists, because, like income, the total value of all goods is equal to the total amount of money spent on goods.
A cost estimate is the approximation of the cost of a program, project, or operation.The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values.
The Keynesian cross diagram is a formulation of the central ideas in Keynes' General Theory of Employment, Interest and Money.It first appeared as a central component of macroeconomic theory as it was taught by Paul Samuelson in his textbook, Economics: An Introductory Analysis.
The Intermediate Cocomo formula now takes the form: E = a i (KLoC) b i (EAF) where E is the effort applied in person-months, KLoC is the estimated number of thousands of delivered lines of code for the project, and EAF is the factor calculated above.
Definition of the government programmes or budgetary expenditures and the corresponding database of monetary values. Determining the measures of income: the size of economic unit such as the individual, family or community; the timescale of analysis such as annual or lifetime; the well-being and externalities which arise from the expenditure.