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Elasticity of a function. In mathematics, the elasticity or point elasticity of a positive differentiable function f of a positive variable (positive input, positive output) [1] at point a is defined as [2] or equivalently. It is thus the ratio of the relative (percentage) change in the function's output with respect to the relative change in ...
The Sonnenschein–Mantel–Debreu theorem is an important result in general equilibrium economics, proved by Gérard Debreu, Rolf Mantel [], and Hugo F. Sonnenschein in the 1970s.
Limit (mathematics) In mathematics, a limit is the value that a function (or sequence) approaches as the input (or index) approaches some value. [1] Limits are essential to calculus and mathematical analysis, and are used to define continuity, derivatives, and integrals . In formulas, a limit of a function is usually written as.
Birthday paradox: In a random group of only 23 people, there is a better than 50/50 chance two of them have the same birthday. Borel's paradox: Conditional probability density functions are not invariant under coordinate transformations. Boy or Girl paradox: A two-child family has at least one boy.
Business mathematics, sometimes called commercial math or consumer math, is a group of practical subjects used in commerce and everyday life. In schools, these subjects are often taught to students who are not planning a university education. In the United States, they are typically offered in high schools and in schools that grant associate's ...
The number e is a mathematical constant approximately equal to 2.71828 that can be characterized in many ways. It is the base of the natural logarithm function. It is the limit of as n tends to infinity, an expression that arises in the computation of compound interest. It is the value at 1 of the (natural) exponential function, commonly ...
Cambridge capital controversy: The Cambridge capital controversy is a dispute in economics that started in the 1950s. The debate concerned the nature and role of capital goods and a critique of the neoclassical vision of aggregate production and distribution. The question of whether the natural growth rate is exogenous, or endogenous to demand ...
