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Time, resources, labor, and capital must all be minimized when placed into any system, so that revenue, product, and profit can be maximized. Hence, the general equation; = + / + where C is total cost, a b and k are constants, and x is the variable number of units produced.
This contrasts with the short-run, where some factors are variable (dependent on the quantity produced) and others are fixed (paid once), constraining entry or exit from an industry. In macroeconomics , the long-run is the period when the general price level , contractual wage rates, and expectations adjust fully to the state of the economy, in ...
Elasticity can be quantified as the ratio of the percentage change in one variable to the percentage change in another variable when the latter variable has a causal influence on the former and all other conditions remain the same. For example, the factors that determine consumers' choice of goods mentioned in consumer theory include the price ...
Costs can be classified accurately as either fixed or variable. Changes in activity are the only factors that affect costs. All units produced are sold (there is no ending finished goods inventory). When a company sells more than one type of product, the product mix (the ratio of each product to total sales) will remain constant.
In algebra, a number that is the multiplier of a variable or expression (e.g., the 3 in ) is called a coefficient. The result of a multiplication is called a product. When one factor is an integer, the product is a multiple of the other or of the product of the others.
A variable measured in discrete time can be plotted as a step function, in which each time period is given a region on the horizontal axis of the same length as every other time period, and the measured variable is plotted as a height that stays constant throughout the region of the time period. In this graphical technique, the graph appears as ...
In this case, the 5 represents the number of years your rate is locked with the 1 representing the frequency at which your rate adjusts after. With a 5/1 ARM loan, that’s once a year. With a 5/1 ...
In mathematics, summation by parts transforms the summation of products of sequences into other summations, often simplifying the computation or (especially) estimation of certain types of sums. It is also called Abel's lemma or Abel transformation , named after Niels Henrik Abel who introduced it in 1826.