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The statement was first proven by Claude Berge in 1959. [1] The theorem is primarily used in mathematical economics and optimal control . Statement of theorem
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In simple terms, although profit is related to total cost, =, the enterprise can maximize profit by producing to the maximum profit (the maximum value of ) to maximize profit. But when the total cost increases, it does not mean maximizing profit Will change, because the increase in total cost does not necessarily change the marginal cost.
In the quest to find great investments, most investors focus on earnings to gauge a company's financial strength. This is a good start, but earnings can be misleading and incomplete. To get a ...
A maxim is thought to be part of an agent's thought process for every rational action, indicating in its standard form: (1) the action, or type of action; (2) the conditions under which it is to be done; and (3) the end or purpose to be achieved by the action, or the motive. The maxim of an action is often referred to as the agent's intention.
Positive and normative economics; Precept; Presidential Statement; Prior consistent statements and prior inconsistent statements; Proposition; Propositional formula; Protocol implementation conformance statement; Proxy statement
Statements consisting only of original research should be removed. ( March 2018 ) ( Learn how and when to remove this message ) The whole of neoclassical equilibrium analysis implies that Say's law in the first place functioned to bring a market into this state: that is, Say's law is the mechanism through which markets equilibrate uniquely.
An axiom, postulate, or assumption is a statement that is taken to be true, to serve as a premise or starting point for further reasoning and arguments. The word comes from the Ancient Greek word ἀξίωμα (axíōma), meaning 'that which is thought worthy or fit' or 'that which commends itself as evident'.