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In economics the production set is a construct representing the possible inputs and outputs to a production process. A production vector represents a process as a vector containing an entry for every commodity in the economy. Outputs are represented by positive entries giving the quantities produced and inputs by negative entries giving the ...
An instance of SubsetSum consists of a set S of positive integers and a target sum T; the goal is to decide if there is a subset of S with sum exactly T. Given such an instance, construct an instance of Partition in which the input set contains the original set plus two elements: z 1 and z 2, with z 1 = sum(S) and z 2 = 2T.
The Ramsey problem, or Ramsey pricing, or Ramsey–Boiteux pricing, is a second-best policy problem concerning what prices a public monopoly should charge for the various products it sells in order to maximize social welfare (the sum of producer and consumer surplus) while earning enough revenue to cover its fixed costs.
In an economic market, production input and output prices are assumed to be set from external factors as the producer is the price taker. Hence, pricing is an important element in the real-world application of production economics. Should the pricing be too high, the production of the product is simply unviable.
For example, the set of natural numbers can be seen as the set of cardinalities of finite sets (and any two sets with the same cardinality are isomorphic). In this case, operations on the set of natural numbers, such as addition and multiplication, can be seen as carrying information about coproducts and products of the category of finite sets ...
U.S. President-elect Donald Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the United States dollar ...
There's a new No. 1 in the USA TODAY Sports women's basketball poll for the second consecutive week as UCLA takes the top spot for the first time.
A government-set minimum wage is a price floor on the price of labour. A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [21] good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective. The equilibrium price, commonly called ...