Demand is what the consumer can and is willing to buy at a given price over a given time period. Analyzing demand is a complicated process that takes into account many variables. Economists and ...

A function is a rule that is applied to one set of values to give another set of values. A function can be illustrated on a graph – points are plotted as coordinates and joined by either a straight ...

A linear demand curve is a line representing the relationship between the demand for a product or service and its price. Everyone knows that sales are proportional to price: The more you charge for an ...

The methods presented in this paper provide an improved technique for fitting a continuous function to discontinuous step functions so often evolving from empirical studies such as estimation of ...

1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...

Journal of the Royal Statistical Society. Series D (The Statistician), Vol. 36, No. 2/3, Special Issue: Practical Bayesian Statistics (1987), pp. 289-296 (8 pages) This paper presents preliminary ...