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Economics Homework Ten - Model (view source)
Revision as of 22:08, November 26, 2009
, 22:08, November 26, 2009using calculus to prove this now
:::P<sub>ed</sub>=((Q<sub>2</sub>-Q<sub>1</sub>)/Q<sub>1</sub>)/((P<sub>2</sub>-P<sub>1</sub>)/P<sub>1</sub>)
:::P<sub>ed</sub>=((Q<sub>2</sub>-Q<sub>1</sub>)/Q<sub>1</sub>)/((P<sub>2</sub>-P<sub>1</sub>)/P<sub>1</sub>)
::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>}
::where you can think of "dQ" as replacing a small change in Q and "dP" replacing a small change in P.
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.