The minimum value of the function u(x, y) occurs at the point where the function reaches its lowest value when both x and y are considered as variables.
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.
opportunity cost
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
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.
standard of valueThe function of money as a measure of value.
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).
Independent variables are the input value of a function (usually x) and dependent variables are the output value of the function (usually y).
There is no minimum value for the cosecant function.
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 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 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").
The global minimum value is always negative infinity.
Since the range of the cosine function is (-1,1), the function y = cos(x) assumes a minimum value of -1 for y.
It if the max or minimum value.
You cannot. The function f(x) = x2 + 1 has no real zeros. But it does have a minimum.
the maximum or minimum value of a continuous function on a set.
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