maths for economists

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Last updated 10:08 AM on 10/5/26
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10 Terms

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Product rule

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Quotient rule

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Young’s Theorem

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Cobb Douglass

A represents productivity/technology

L stands for labour

K stands for capital

Alpha and Beta determine how responsive output is in relation to labour and capital

<p>A represents productivity/technology </p><p>L stands for labour</p><p>K stands for capital </p><p>Alpha and Beta determine how responsive output is in relation to labour and capital </p>
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Equations for MPL

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why are MPL and MPK useful for firms

Key concept for understanding how firms decide how much about and capital to employ

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Equations for MPK

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point elasticity equation

Point elasticity measures elasticity at a specific point on a function

<p>Point elasticity measures elasticity at a specific point on a function</p>
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Arc elasticity

Measures the elasticity between two points of a function.

<p>Measures the elasticity between two points of a function. </p>
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Discrete vs Continuous elasticity

Discrete works with finite numbers whereas continuous is where variables can be changed. Continuous works with differentials instead