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An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
Graphs of probabilities of getting the best candidate (red circles) from n applications, and k/n (blue crosses) where k is the sample size. The secretary problem demonstrates a scenario involving optimal stopping theory [1] [2] that is studied extensively in the fields of applied probability, statistics, and decision theory.
A research question is "a question that a research project sets out to answer". [1] Choosing a research question is an essential element of both quantitative and qualitative research . Investigation will require data collection and analysis, and the methodology for this will vary widely.
The Riemann Hypothesis. Today’s mathematicians would probably agree that the Riemann Hypothesis is the most significant open problem in all of math. It’s one of the seven Millennium Prize ...
This page will attempt to list examples in mathematics. To qualify for inclusion, an article should be about a mathematical object with a fair amount of concreteness. Usually a definition of an abstract concept, a theorem, or a proof would not be an "example" as the term should be understood here (an elegant proof of an isolated but particularly striking fact, as opposed to a proof of a ...
Under the standard assumption of neoclassical economics that goods and services are continuously divisible, the marginal rates of substitution will be the same regardless of the direction of exchange, and will correspond to the slope of an indifference curve (more precisely, to the slope multiplied by −1) passing through the consumption bundle in question, at that point: mathematically, it ...
To illustrate, State Farm's slogan, "Like a good neighbor, State Farm is there," provides an example where companies are trying to connect with people on a social level in order to gain trust and allow the customer to overlook minor infractions. The author concludes that "money, as it turns out, is the most expensive way to motivate people.
In view of the scarce resources, the question of whether all available resources are fully utilized is an important one. A community should achieve maximum satisfaction by using the scarce resources in the best possible manner—not wasting resources or using them inefficiently. There are two types of employment of resources: Labour-intensive