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Marginal Rate
A marginal value is #a value that holds true given particular constraints, #the ''change'' in a value associated with a specific change in some independent variable, whether it be of that variable or of a dependent variable, or # hen underlying values are quantifiedthe ''ratio'' of the change of a dependent variable to that of the independent variable. (This third case is actually a special case of the second). In the case of differentiability, at the limit, a marginal change is a mathematical differential, or the corresponding mathematical derivative. These uses of the term “marginal” are especially common in economics, and result from conceptualizing constraints as ''borders'' or as ''margins''. Wicksteed, Philip Henry; ''The Common Sense of Political Economy'' (1910),] Bk I Ch 2 and elsewhere. The sorts of marginal values most common to economic analysis are those associated with ''unit'' changes of resources and, in mainstream economics, those associated with ''infinites ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value (mathematics)
In mathematics, value may refer to several, strongly related notions. In general, a mathematical value may be any definite mathematical object. In elementary mathematics, this is most often a number – for example, a real number such as or an integer such as 42. * The value of a variable or a constant is any number or other mathematical object assigned to it. Physical quantities have numerical values attached to units of measurement. * The value of a mathematical expression is the object assigned to this expression when the variables and constants in it are assigned values. * The value of a function, given the value(s) assigned to its argument(s), is the quantity assumed by the function for these argument values. For example, if the function is defined by , then assigning the value 3 to its argument yields the function value 10, since . If the variable, expression or function only assumes real values, it is called real-valued. Likewise, a complex-valued variable, expr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dependent And Independent Variables
A variable is considered dependent if it depends on (or is hypothesized to depend on) an independent variable. Dependent variables are studied under the supposition or demand that they depend, by some law or rule (e.g., by a mathematical function), on the values of other variables. Independent variables, on the other hand, are not seen as depending on any other variable in the scope of the experiment in question. Rather, they are controlled by the experimenter. In pure mathematics In mathematics, a function (mathematics), function is a rule for taking an input (in the simplest case, a number or set of numbers)Carlson, Robert. A concrete introduction to real analysis. CRC Press, 2006. p.183 and providing an output (which may also be a number). A symbol that stands for an arbitrary input is called an independent variable, while a symbol that stands for an arbitrary output is called a dependent variable. The most common symbol for the input is , and the most common symbol for the o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ratio
In mathematics, a ratio () shows how many times one number contains another. For example, if there are eight oranges and six lemons in a bowl of fruit, then the ratio of oranges to lemons is eight to six (that is, 8:6, which is equivalent to the ratio 4:3). Similarly, the ratio of lemons to oranges is 6:8 (or 3:4) and the ratio of oranges to the total amount of fruit is 8:14 (or 4:7). The numbers in a ratio may be quantities of any kind, such as counts of people or objects, or such as measurements of lengths, weights, time, etc. In most contexts, both numbers are restricted to be Positive integer, positive. A ratio may be specified either by giving both constituting numbers, written as "''a'' to ''b''" or "''a'':''b''", or by giving just the value of their quotient Equal quotients correspond to equal ratios. A statement expressing the equality of two ratios is called a ''proportion''. Consequently, a ratio may be considered as an ordered pair of numbers, a Fraction (mathematic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Differentiability
In mathematics, a differentiable function of one real variable is a function whose derivative exists at each point in its domain. In other words, the graph of a differentiable function has a non- vertical tangent line at each interior point in its domain. A differentiable function is smooth (the function is locally well approximated as a linear function at each interior point) and does not contain any break, angle, or cusp. If is an interior point in the domain of a function , then is said to be ''differentiable at'' if the derivative f'(x_0) exists. In other words, the graph of has a non-vertical tangent line at the point . is said to be differentiable on if it is differentiable at every point of . is said to be ''continuously differentiable'' if its derivative is also a continuous function over the domain of the function f. Generally speaking, is said to be of class if its first k derivatives f^(x), f^(x), \ldots, f^(x) exist and are continuous over the domain of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Differential (infinitesimal)
In mathematics, differential refers to several related notions derived from the early days of calculus, put on a rigorous footing, such as infinitesimal differences and the derivatives of functions. The term is used in various branches of mathematics such as calculus, differential geometry, algebraic geometry and algebraic topology. Introduction The term differential is used nonrigorously in calculus to refer to an infinitesimal ("infinitely small") change in some varying quantity. For example, if ''x'' is a variable, then a change in the value of ''x'' is often denoted Δ''x'' (pronounced ''delta x''). The differential ''dx'' represents an infinitely small change in the variable ''x''. The idea of an infinitely small or infinitely slow change is, intuitively, extremely useful, and there are a number of ways to make the notion mathematically precise. Using calculus, it is possible to relate the infinitely small changes of various variables to each other mathematically using ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derivative (calculus)
In mathematics, the derivative is a fundamental tool that quantifies the sensitivity to change of a function's output with respect to its input. The derivative of a function of a single variable at a chosen input value, when it exists, is the slope of the tangent line to the graph of the function at that point. The tangent line is the best linear approximation of the function near that input value. For this reason, the derivative is often described as the instantaneous rate of change, the ratio of the instantaneous change in the dependent variable to that of the independent variable. The process of finding a derivative is called differentiation. There are multiple different notations for differentiation. ''Leibniz notation'', named after Gottfried Wilhelm Leibniz, is represented as the ratio of two differentials, whereas ''prime notation'' is written by adding a prime mark. Higher order notations represent repeated differentiation, and they are usually denoted in Leibni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philip Wicksteed
Philip Henry Wicksteed (25 October 1844 – 18 March 1927) was an English scholar and Unitarian theologian known for his contributions to classics, medieval studies and economics. He was also a Georgist and literary critic. Family background Philip Henry Wicksteed was the son of Charles Wicksteed (1810–1885) and his wife Jane (1814–1902), and was named after his distant ancestor, Philip Henry (1631–1696), the Nonconformist clergyman and diarist. His father was a clergyman within the same tradition of English Dissent. His mother was born into the Lupton family, a socially progressive, politically active dynasty of businessmen and traders, long established in Leeds, a city both prosperous and squalid with the rapid growth of the Industrial Revolution. In 1835 Wicksteed had taken up the ministry of the Unitarian place of worship, Mill Hill Chapel, right on the city's central square, and two years later the couple married. In 1841 his sister Elizabeth married Jane's br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mainstream Economics
Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to heterodox economics, which encompasses various schools or approaches that are only accepted by a small minority of economists. The economics profession has traditionally been associated with neoclassical economics. However, this association has been challenged by prominent historians of economic thought including David Colander. They argue the current economic mainstream theories, such as game theory, behavioral economics, industrial organization, information economics, and the like, share very little common ground with the initial axioms of neoclassical economics. History Economics has historically featured multiple schools of economic thought, with different schools having different prominence across countries and over time. P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginalism
Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. It states that the reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of Marginal product, marginal physical productivity in explanation of cost. The Neoclassical economics, neoclassical tradition that emerged from United Kingdom of Great Britain and Ireland, British marginalism abandoned the concept of utility and gave Marginal rate of substitution, marginal rates of substitution a more fundamental role in analysis. Marginalism is an integral part of mainstream economics, mainstream ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amontillado
Amontillado () is a variety of sherry wine characterised by being darker than fino sherry, but lighter than oloroso sherry. Amontillado wine is named after the Montilla municipality, in Andalusia, Spain, where the style of sherry originated in the 18th century; commercially, the name "Amontillado" is used as a measure of colour to label any style of sherry that lay between the categories of ''fino'' and ''oloroso''. In American literature, Amontillado sherry features in the title of the short story "The Cask of Amontillado" (1846), by Edgar Allan Poe. An Amontillado sherry begins as a fino, fortified wine, fortified to approximately 15.5% ethanol, alcohol with a cap of flor yeast limiting its exposure to the air. A cask of fino is considered to be amontillado if the layer of flor fails to develop adequately, is intentionally killed by additional fortification, or is allowed to die off through non-replenishment. Without the layer of flor, amontillado must be fortified to approximat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Measures Of National Income And Output
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost). All are specially concerned with counting the total amount of goods and services produced within the economy and by various sectors. The boundary is usually defined by geography or citizenship, and it is also defined as the total income of the nation and also restrict the goods and services that are counted. For instance, some measures count only goods & services that are exchanged for money, excluding bartered goods, while other measures may attempt to include bartered goods by ''imputing'' monetary values to them. National accounts Arriving at a figure for the total production of goods and services in a large region like a country entails a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
