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Line 55: − + + + − ::where you can think of "dQ" as replacing a small change in Q and "dP" replacing a small change in P.
Economics Homework Ten - Model (view source)
Revision as of 22:11, November 26, 2009
, 22:11, November 26, 2009better
::But the above formula is simply an approximation, and the higher precision provided by calculus is needed to prove this rigorously. So we rewrite the above equation using calculus:
::But the above formula is simply an approximation, and the higher precision provided by calculus is needed to prove this rigorously. So we rewrite the above equation using calculus:
:::<math>P<sub>ed</sub>=\frac{dQ}{dP}{1/Q<sub>1</sub>}{1/P<sub>1</sub>}</math>
:::<math>P<sub>ed</sub>=\frac{dQ}{dP}\frac{1/Q<sub>1</sub>}{1/P<sub>1</sub>}</math>
::where you can think of "dQ" as replacing a small change in Q (Q<sub>2</sub>-Q<sub>1</sub>) and "dP" replacing a small change in P (P<sub>2</sub>-P<sub>1</sub>) in the above equations.
9. Provide, in your own words, the best definition of "public good" that you can.
9. Provide, in your own words, the best definition of "public good" that you can.