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What is the intuition behind the envelope theorem?
The envelope theorem states that the derivative of the value function with respect to a parameter is equal to the partial derivative of the value function with respect to that parameter, evaluated at the optimal values of the control variables. In simpler terms, it tells us that the change in the value function due to a small change in a parameter is equal to the change in the value function that would occur if the control variables were adjusted to keep the parameter constant.
When you are considering the value of a resource in its next best use you are considering its?
opportunity cost
What does it mean for economic variables to positively related?
if two variables are positively related,it means that the two variables change in the same direction.that is,if the value of one of the variables increases,the value of the other variable too will increase.for example,if employment as an economic variable increases in a country,and price of goods too increases then we can say that these two variables(employment and price) are positively related
What does the classical dichotomy in economics state?
In macroeconomics, the classical dichotomy refers to an idea attributed to classical and pre-Keynesian economics that real and nominal variables can be analyzed separately. To be precise, an economy exhibits the classical dichotomy if real variables such as output and real interest rates can be completely analyzed without considering what is happening to their nominal counterparts, the money value of output and the interest rate.
This function of money allows the monetary unit of a country to serve as a unit in which the value of all goods and services can be measured.?
standard of valueThe function of money as a measure of value.
What is the expression for finding the minimum value of a function in terms of the variables g and l?
The expression for finding the minimum value of a function in terms of the variables g and l is typically written as f(g, l) minf(g, l).
What are independent variables and dependent variables in math?
Independent variables are the input value of a function (usually x) and dependent variables are the output value of the function (usually y).
What is the minimum value that cosecant can be of an angle?
There is no minimum value for the cosecant function.
What is the definition of the Minimum of a function in Alegbra?
A global minimum is a point where the function has its lowest value - nowhere else does the function have a lower value. A local minimum is a point where the function has its lowest value for a certain surrounding - no nearby points have a lower value.
When can we say that a function is a relation?
When it doesn't fulfill the requirements of a function. A function must have EXACTLY ONE value of one of the variables (the "dependent variable") for every value of the other variable or variables (the "independent variable").
When can we say that a relation is a function?
When it doesn't fulfill the requirements of a function. A function must have EXACTLY ONE value of one of the variables (the "dependent variable") for every value of the other variable or variables (the "independent variable").
What is the minimum value of the cube root parent function?
The global minimum value is always negative infinity.
What is the minimum value that the function y equals cos x assumes?
Since the range of the cosine function is (-1,1), the function y = cos(x) assumes a minimum value of -1 for y.
What is the vertex of the quadratic function?
It if the max or minimum value.
How can you use the zeros of a function to find the maximum or minimum value of the function?
You cannot. The function f(x) = x2 + 1 has no real zeros. But it does have a minimum.
What is an extreme value in a set?
the maximum or minimum value of a continuous function on a set.
How should one choose 2 positive numbers product is 2 in order to minimize the sum of their squares?
Assume two numbers to be a & b. Then we have a+b = 2 such that a^2 + b^2 should be minimum. Convert a^2 + b^2 into single variable function. f(a) = a^2 + (2-a)^2 since b=(2-a) Now our requirement is to choose value 'a' such that f(a) should be minimum. # To get value at which a function is minimum or maximum, differentiate the function w.r.t that variable and make it equal to zero. # Double differentiate the function if it is greater than zero at that value the function will have minimum value at that value and if it is less than zero, function will have maximum value f`(a) = 0 implies a=2/3 which imples b=5/3 but those are not numbers nearest integer for both variables is 1. Hence a=b=1
