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Euclidean spaces, that is, the usual three-dimensional space and its analogues for other dimensions, are convex metric spaces. Given any two distinct points and in such a space, the set of all points satisfying the above "triangle equality" forms the line segment between and , which always has other points except and , in fact, it has a continuum of points.
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.
Mar 22, 2024 · Convexity in economics and finance is a measure that shows how the duration of a bond or another financial instrument changes with respect to interest rates. In a broader sense, convexity captures the relationship between price and yield of a bond to demonstrate the bond’s price sensitivity to changes in interest rates, going beyond the ...
In managerial economics, isoquants are typically drawn along with isocost curves in capital-labor graphs, showing the technological tradeoff between capital and labor in the production function, and the decreasing marginal returns of both inputs. In managerial economics, the unit of isoquant is commonly the net of capital cost.
In vector calculus, an invex function is a differentiable function from to for which there exists a vector valued function such that () (,) (),for all x and u.. Invex functions were introduced by Hanson as a generalization of convex functions. [1]
A cooperative game is given by specifying a value for every coalition. Formally, the coalitional game consists of a finite set of players , called the grand coalition, and a characteristic function: [4] from the set of all possible coalitions of players to a set of payments that satisfies () =.
The light gray area is the absolutely convex hull of the cross. A subset of a real or complex vector space is called a disk and is said to be disked, absolutely convex, and convex balanced if any of the following equivalent conditions is satisfied:
