stochastic demand is random demand. it is determined by predictable actions and a random element.
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Arch elasticity demand is the percentage change in one variable divided by the percentage change in another variable, it calculates the elasticity over a range of values, while point elasticity of demand uses differential calculus to determine the elasticity at a specific point
The demand curve is drawn with price on the vertical axis and quantity demanded on the horizontal axis. Mathematically, the slope of a curve is represented by rise over run, or the change in the variable on the vertical axis divided by the change in the variable on the horizontal axis. Therefore, the slope of the demand curve represents change in price divided by change in quantity. Elasticity, on the other hand, aims to quantify the responsiveness of demand and supply to changes in price, income, or other determinants of demand.
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These words are used to describe ways of modeling or understanding the world. "Stochastic" means that some elements of the model or description are thought of as being random. (The word "Stochastic" is derived from an ancient Greek word for random.) A model or description that has no random factors, but conceivably could, is called "deterministic." For example, the equation Q = VC where Q = charge, V = voltage, and C = capacitance, is a deterministic physical model. One stochastic version of it would be Q = VC + e where e is a random variable introduced to account for or characterize the deviations between the actual charges and the values predicted by the deterministic model.
A deterministic sequence - as opposed to a stochastic or random sequence.
Buying a lottery ticket daily is deterministic. Winning a lottery and getting a prize is Stochastic.
monte carlo simulation is used to give solutions of deterministic problems whereas stochastic simulation is used for stochastic problems.
I don't know the answer I am looking for the answers too. :) I'm only 41.
Stochastic means non-deterministic. This means that something contains an inherent degree of randomness. For more detail, you should consult a dictionary or more detailed literature on probability theory.
H. Marcus-Roberts has written: 'Comparison of some deterministic and stochastic models of population growth'
Deterministic.
Wikipedia states that stochastic means random. But there are differences depending on the context. Stochastic is used as an adjective, as in stochastic process, stochastic model, or stochastic simulation, with the meaning that phenomena as analyzed has an element of uncertainty or chance (random element). If a system is not stochastic, it is deterministic. I may consider a phenomena is a random process and analyze it using a stochastic simulation model. When we generate numbers using a probability distribution, these are called random numbers, or pseudo random numbers. They can also be called random deviates. See related links.
Threat Matrix - 2003 Stochastic Variable 1-13 is rated/received certificates of: Netherlands:12 USA:TV-14
In a statistical model, variations in the dependent variable can be attributed to independent variables. However, there is a random element that is not accounted for and this is the stochastic error.