An
equation is a mathematical statement indicating that two expressions are equal. The expressions can be numerical or algebraic. The equation is not inherently true or false, but only a proposition. The values that make the equation true, the solutions, are found using the properties of real numbers and other results. For example, the equation
has the unique solution of 3
because when we substitute 3 for
in the equation, we obtain the true statement
A
formula is an equation expressing a relationship between constant and variable quantities. Very often, the equation is a means of finding the value of one quantity (often a single variable) in terms of another or other quantities. One of the most common examples is the formula for finding the area
of a circle in terms of the radius
of the circle:
For any value of
the area
can be found by evaluating the expression
Using a formula
A right circular cylinder with radius
and height
has the surface area
(in square units) given by the formula
See
[link] . Find the surface area of a cylinder with radius 6 in. and height 9 in. Leave the answer in terms of
A photograph with length
L and width
W is placed in a matte of width 8 centimeters (cm). The area of the matte (in square centimeters, or cm
2 ) is found to be
See
[link] . Find the area of a matte for a photograph with length 32 cm and width 24 cm.
Sometimes we can simplify an algebraic expression to make it easier to evaluate or to use in some other way. To do so, we use the properties of real numbers. We can use the same properties in formulas because they contain algebraic expressions.
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Economic growth as an increase in the production and consumption of goods and services within an economy.but
Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has
The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50.
A,Calculate quantities of x and y which maximize utility.
B,Calculate value of Lagrange multiplier.
C,Calculate quantities of X and Y consumed with a given price.
D,alculate optimum level of output .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product