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Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.
Exponential growth is a process that increases quantity over time at an ever-increasing rate. It occurs when the instantaneous rate of change (that is, the derivative) of a quantity with respect to time is proportional to the quantity itself. Described as a function, a quantity undergoing exponential growth is an exponential function of time ...
Experimental economics is the application of experimental methods [1] to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives.
Division is one of the four basic operations of arithmetic. The other operations are addition, subtraction, and multiplication. What is being divided is called the dividend, which is divided by the divisor, and the result is called the quotient. At an elementary level the division of two natural numbers is, among other possible interpretations ...
Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.
Distribution (economics) In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital ). [1] In general theory and in for example the U.S. National Income and Product Accounts, each unit of output corresponds to a unit of income.
In mathematics, a function is a rule for taking an input (in the simplest case, a number or set of numbers) [5] and providing an output (which may also be a number). [5] A symbol that stands for an arbitrary input is called an independent variable , while a symbol that stands for an arbitrary output is called a dependent variable . [ 6 ]
Mathematical statistics is the application of probability theory, a branch of mathematics, to statistics, as opposed to techniques for collecting statistical data. Specific mathematical techniques which are used for this include mathematical analysis, linear algebra, stochastic analysis, differential equations, and measure theory. [1] [2]