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Word problem from the Līlāvatī (12th century), with its English translation and solution. In science education, a word problem is a mathematical exercise (such as in a textbook, worksheet, or exam) where significant background information on the problem is presented in ordinary language rather than in mathematical notation.
The Millennium Prize Problems are seven well-known complex mathematical problems selected by the Clay Mathematics Institute in 2000. The Clay Institute has pledged a US $1 million prize for the first correct solution to each problem.
A price index aggregates various combinations of base period prices (), later period prices (), base period quantities (), and later period quantities (). Price index numbers are usually defined either in terms of (actual or hypothetical) expenditures (expenditure = price * quantity) or as different weighted averages of price relatives ( p t ...
Optimal stopping problems can be found in areas of statistics, economics, and mathematical finance (related to the pricing of American options). A key example of an optimal stopping problem is the secretary problem.
The sales comparison approach (SCA) is a real estate appraisal valuation method that relies on the assumption that a matrix of attributes or significant features of a property drive its value. For examples, in the case of a single family residence, such attributes might be floor area, views, location, number of bathrooms, lot size, age of the ...
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The newsvendor (or newsboy or single-period [1] or salvageable) model is a mathematical model in operations management and applied economics used to determine optimal inventory levels.
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