Search results
Results from the WOW.Com Content Network
Economic graphs are presented only in the first quadrant of the Cartesian plane when the variables conceptually can only take on non-negative values (such as the quantity of a product that is produced). Even though the axes refer to numerical variables, specific values are often not introduced if a conceptual point is being made that would ...
In the case of two goods and two individuals, the contract curve can be found as follows. Here refers to the final amount of good 2 allocated to person 1, etc., and refer to the final levels of utility experienced by person 1 and person 2 respectively, refers to the level of utility that person 2 would receive from the initial allocation without trading at all, and and refer to the fixed total ...
A cobweb diagram of the logistic map, showing chaotic behaviour for most values of r > 3.57 Logistic function f (blue) and its iterated versions f 2, f 3, f 4 and f 5 for r = 3.5. For example, for any initial value on the horizontal axis, f 4 gives the value of the iterate four iterations later.
A lever is a simple machine consisting of a beam or rigid rod pivoted at a fixed hinge, or fulcrum. A lever is a rigid body capable of rotating on a point on itself. On the basis of the locations of fulcrum, load, and effort, the lever is divided into three types. It is one of the six simple machines identified by Renaissance scientists.
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
In economics, an Edgeworth box, sometimes referred to as an Edgeworth-Bowley box, is a graphical representation of a market with just two commodities, X and Y, and two consumers. The dimensions of the box are the total quantities Ω x and Ω y of the two goods.
Stock vs. flow Dynamic stock and flow diagram. Economics, business, accounting, ... Dynamic stock and flow diagram Ten first stocks and flow 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 .