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Marginal Value
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 ''infinitesi ... [...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. * The value of a mathematical expression is the result of the computation described by 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, expression or function only assumes complex values. See also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dependent And Independent Variables
Dependent and independent variables are variables in mathematical modeling, statistical modeling and experimental sciences. Dependent variables receive this name because, in an experiment, their values 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, in turn, are not seen as depending on any other variable in the scope of the experiment in question. In this sense, some common independent variables are time, space, density, mass, fluid flow rate, and previous values of some observed value of interest (e.g. human population size) to predict future values (the dependent variable). Of the two, it is always the dependent variable whose variation is being studied, by altering inputs, also known as regressors in a statistical context. In an experiment, any variable that can be attributed a value without attributing a value to any other variable is called an in ... [...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. Consequently, a ratio may be considered as an ordered pair of numbers, a Fraction (mathematics), fraction with the first number in the numerator and the second in the denom ... [...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 the func ... [...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 d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derivative (calculus)
In mathematics, the derivative of a function of a real variable measures the sensitivity to change of the function value (output value) with respect to a change in its argument (input value). Derivatives are a fundamental tool of calculus. For example, the derivative of the position of a moving object with respect to time is the object's velocity: this measures how quickly the position of the object changes when time advances. 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. Derivatives can be generalized to functions of several real variables. In this generalization, the deriva ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social 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 analyzes what's viewed as basic elements in the economy, 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 analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philip Wicksteed
Philip Henry Wicksteed (25 October 1844 – 18 March 1927) is known primarily as an economist. He was also a Georgist, Unitarian theologian, classicist, medievalist, and literary critic. Family background He 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 brother Arthur (1819–1867), also a Unitarian minister; Uncle ... [...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 minority of economists. The economics profession has traditionally been associated with neoclassical economics. This association has however been challenged by prominent historians of economic thought like David Collander. 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 always featured multiple schools of economic thought, with different schools having different prominence across countries and over time. The current use of the ... [...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 physical productivity in explanation of cost. The neoclassical tradition that emerged from British marginalism abandoned the concept of utility and gave marginal rates of substitution a more fundamental role in analysis. Marginalism is an integral part of mainstream economic theory. Important marginal concepts Marginality For issues of marginality, constraints are conceptualized as a ''border'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amontillado
Amontillado () is a variety of sherry wine characterised by being darker than fino but lighter than oloroso. It is named after the Montilla region of Spain, where the style originated in the 18th century, although the name "Amontillado" is sometimes used commercially as a simple measure of colour to label any sherry lying between a fino and an oloroso. It features prominently in the Edgar Allan Poe short story "The Cask of Amontillado". An Amontillado sherry begins as a fino, fortified to approximately 15.5% 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 approximately 17.5% alcohol so that it does not oxidise too quickly. After the additional fortification, Amontillado oxidises slowly, exposed to oxyg ... [...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 product (GNP), 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] |
