Maths

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Mathematical economics

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Mathematical economics is a discipline of economics that utilizes mathematics principles and methods to create economic theories and to investigate economic quandaries.

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Variable

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Economists employ causal modeling to explain outcomes (dependent variables) based on a variety of factors (independent variables), and to determine to which extent a result can be attributed to an endogenous or exogenous cause.

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whose magnitude can change.

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Parameter

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A parameter (from the Ancient Greek παρά, "para", meaning "beside, subsidiary" and μέτρον, "metron", meaning "measure"), in its common meaning, is a characteristic, feature, or measurable factor that can help in defining a particular system. A parameter is an important element to consider in evaluation or comprehension of an event, project, or situation. Parameter has more specific interpretations in mathematics, logic, linguistics, environmental science, and other disciplines.

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Definitional Equation

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A definitional equation is one that defines a particular concept. It is not important which variables are considered independent or dependent. Examples of definitional equations include the (1) profit function and (2) gross domestic product (GDP).

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sets up an identity b/w two alternate expressions that have exactly the same meaning.

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Behavioral Equation

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Specifies the manner in which a variable behaves in response to changes in other variables.

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Rational number

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In mathematics, a rational number is any number that can be expressed as the quotient or fraction p/q of two integers, a numerator p and a non-zero denominator q.

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Irrational number

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An irrational number is simply the opposite of a rational number. (Recall that a rational number is one that can be represented as the ratio of two integers. See Rational number definition.) Some common irrational numbers: PI.

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Set

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Simply a collection of distinct objects. These objects may be a group of (distinct) numbers, persons, food items, or something else.

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Element of set

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A set is a group or collection of objects or numbers, considered as an entity unto itself. Sets are usually symbolized by uppercase, italicized, boldface letters such as A, B, S, or Z. Each object or number in a set is called a member or element of the set.

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Finite / infinite sets

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In mathematics, a finite set is a set that has a finite number of elements. For example, is a finite set with five elements. The number of elements of a finite set is a natural number (a non-negative integer) and is called the cardinality of the set. A set that is not finite is called infinite.

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Proper subset

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A proper subset of a set A is a subset of A that is not equal to A . In other words, if B is a proper subset of A , then all elements of B are in A but A contains at least one element that is not in B

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Constant Functions

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a constant function is a function whose values do not vary and thus are constant. For example the function f(x) = 5 is constant since f maps any value to 5. More formally, a function f : A → B is a constant function if f(x) = f(y) for all x and y in A.

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Polynomial Function

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A polynomial function is a function such as a quadratic, a cubic, a quartic, and so on, involving only non-negative integer powers of x. We can give a general defintion of a polynomial, and define its degree. 2.

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Rational Function

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In mathematics, a rational function is any function which can be defined by a rational fraction, i.e. an algebraic fraction such that both the numerator and the denominator are polynomials. The coefficients of the polynomials need not be rational numbers, they may be taken in any field K.