Blog page 351

Marginal efficiency of capital

The marginal efficiency of capital is that rate of discount which would equate the price of a fixed capital asset with its present discounted value of expected income. The term" marginal efficiency of capital” was introduced by John Maynard Keyne ...

Marginal factor cost

In microeconomics, the marginal factor cost is the increment to total costs paid for a factor of production resulting from a one-unit increase in the amount of the factor employed. It is expressed in currency units per incremental unit of a facto ...

Marginal product

In economics and in particular neoclassical economics, the marginal product or marginal physical productivity of an input is the change in output resulting from employing one more unit of a particular input, assuming that the quantities of other ...

Marginal product of capital

The marginal product of capital is the additional output resulting, ceteris paribus, from the use of an additional unit of physical capital. It equals the reciprocal of the incremental capital-output ratio. Mathematically, it is the partial deriv ...

Marginal product of labor

In economics, the marginal product of labor is the change in output that results from employing an added unit of labor. It is a feature of the production function, and depends on the amounts of physical capital and labor already in use.

Marginal profit

In microeconomics, marginal profit is the increment to profit resulting from a unit or infinitessimal increment to the quantity of a product produced. Under the marginal approach to profit maximization, to maximize profits, a firm should continue ...

Marginal propensity to consume

In economics, the marginal propensity to consume is a metric that quantifies induced consumption, the concept that the increase in personal consumer spending occurs with an increase in disposable income. The proportion of disposable income which ...

Marginal propensity to import

The marginal propensity to import is the fractional change in import expenditure that occurs with a change in disposable income. For example, if a household earns one extra dollar of disposable income, and the marginal propensity to import is 0.2 ...

Marginal propensity to save

The marginal propensity to save is the fraction of an increase in income that is not spent and instead used for saving. It is the slope of the line plotting saving against income. For example, if a household earns one extra dollar, and the margin ...

Marginal rate of substitution

In economics, the marginal rate of substitution is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility. At equilibrium consumption levels, marginal rates of sub ...

Marginal rate of technical substitution

In microeconomic theory, the Marginal Rate of Technical Substitution - or Technical Rate of Substitution - is the amount by which the quantity of one input has to be reduced when one extra unit of another input is used, so that output remains con ...

Marginal return

Marginal Return is the rate of return for a marginal increase in investment; roughly, this is the additional output resulting from a one-unit increase in the use of a variable input, while other inputs are constant.

Marginal revenue

In microeconomics, marginal revenue is the additional revenue that will be generated by increasing product sales by one unit. In a perfectly competitive market, the additional revenue generated by selling an additional unit of a good is equal to ...

Marginal revenue product

The marginal revenue productivity theory of wages is a model of wage levels in which they set to match to the marginal revenue product of labor, MRP, which is the increment to revenues caused by the increment to output produced by the last labore ...

Marginal use

As defined by the Austrian School of economics the marginal use of a good or service is the specific use to which an agent would put a given increase, or the specific use of the good or service that would be abandoned in response to a given decre ...

Marginal utility

In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service. In the context of cardin ...

Marginal value

A marginal value is the change in a value associated with a specific change in some independent variable, whether it be of that variable or of a dependent variable, or a value that holds true given particular constraints, the ratio of the change ...

Marginalism

Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example ...

Acceptability

Acceptability is the characteristic of a thing being subject to acceptance for some purpose. A thing is acceptable if it is sufficient to serve the purpose for which it is provided, even if it is far less usable for this purpose than the ideal ex ...

Analogy

Analogy is a cognitive process of transferring information or meaning from a particular subject to another, or a linguistic expression corresponding to such a process. In a narrower sense, analogy is an inference or an argument from one particula ...

Conceptual design

Conceptual design is an early phase of the design process, in which the broad outlines of function and form of something are articulated. It includes the design of interactions, experiences, processes, and strategies. It involves an understanding ...

Conceptual framework

A conceptual framework is an analytical tool with several variations and contexts. It can be applied in different categories of work where an overall picture is needed. It is used to make conceptual distinctions and organize ideas. Strong concept ...

Conceptual programs in physics

For the simple case of single particle with mass m moving along one dimension x and acted upon by forces F i {\displaystyle F_{i}}, the program of classical mechanics is to determine the state x: R → R {\displaystyle x:\mathbb {R} \to \mathbb {R} ...

Economic model

In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed ...

Ecopath

Ecopath with Ecosim is a free and open source ecosystem modelling software suite, initially started at NOAA by Jeffrey Polovina, but has since primarily been developed at the formerly UBC Fisheries Centre of the University of British Columbia. In ...

Explanatory model

An explanatory model is a useful description of why and how a thing works or an explanation of why a phenomenon is the way it is. The explanatory model is used as a substitute for "the full explanation" of the thing in question: or because the fu ...

Imago Universi

Imago universi in Latin means "image of the universe". In the Middle Ages the expression was used to express the representation and size of the known world at that time. Cartographer Andreas Cellarius described his star atlas Harmonia Macrocosmic ...

Interpretation (philosophy)

A philosophical interpretation is the assignment of meanings to various concepts, symbols, or objects under consideration. Two broad types of interpretation can be distinguished: interpretations of physical objects, and interpretations of concepts.

Mathematical model

A mathematical model is a description of a system using mathematical concepts and language. The process of developing a mathematical model is termed mathematical modeling. Mathematical models are used in the natural sciences and engineering disci ...

Mental model

A mental model is an explanation of someones thought process about how something works in the real world. It is a representation of the surrounding world, the relationships between its various parts and a persons intuitive perception about his or ...

Models of scientific inquiry

In the philosophy of science, models of scientific inquiry have two functions: first, to provide a descriptive account of how scientific inquiry is carried out in practice, and second, to provide an explanatory account of why scientific inquiry s ...

Possible world

In philosophy and logic, the concept of a possible world is used to express modal claims. The concept of possible worlds is common in contemporary philosophical discourse but has been disputed.

Process reference models

A process reference model is a model that has generic functionality and can be used more than once in different models. The creator of a process model benefits from existing process reference models by not needing to reinvent the process model bu ...

Scientific modelling

Scientific modelling is a scientific activity, the aim of which is to make a particular part or feature of the world easier to understand, define, quantify, visualize, or simulate by referencing it to existing and usually commonly accepted knowle ...

SEQUAL framework

The SEQUAL framework is systems modelling reference model for evaluating the quality of models. The SEQUAL framework, which stands for "semiotic quality framework" is developed by John Krogstie and others since the 1990s. The SEQUAL framework is ...

Similitude (model)

Similitude is a concept applicable to the testing of engineering models. A model is said to have similitude with the real application if the two share geometric similarity, kinematic similarity and dynamic similarity. Similarity and similitude ar ...

Thought experiment

A thought experiment considers a hypothesis, theory, or principle for the purpose of thinking through its consequences. Johann Witt-Hansen established that Hans Christian Orsted was the first to use the German term Gedankenexperiment lit. thought ...

Transient modelling

Transient modelling is a way of looking at a process with the primary criterion of time, observing the pattern of changes in the subject being studied over time. Its obverse is Steady state, where you might know only the starting and ending figur ...

World view

A worldview or world-view is the fundamental cognitive orientation of an individual or society encompassing the whole of the individuals or societys knowledge and point of view. A worldview can include natural philosophy; fundamental, existential ...

Affirmation and negation

In linguistics and grammar, affirmation and negation are the ways that grammar encodes negative and positive polarity in verb phrases, clauses, or other utterances. Essentially an affirmative form is used to express the validity or truth of a bas ...

Apophatic theology

Apophatic theology, also known as negative theology, is a form of theological thinking and religious practice which attempts to approach God, the Divine, by negation, to speak only in terms of what may not be said about the perfect goodness that ...

Dormant Commerce Clause

The Dormant Commerce Clause, or Negative Commerce Clause, in American constitutional law, is a legal doctrine that courts in the United States have inferred from the Commerce Clause in Article I of the US Constitution. The Dormant Commerce Clause ...

Double negative

A double negative is a grammatical construction occurring when two forms of negation are used in the same sentence. Multiple negation is the more general term referring to the occurrence of more than one negative in a clause. In some languages, d ...

Negation

In logic, negation, also called the logical complement, is an operation that takes a proposition P {\displaystyle P} to another proposition "not P {\displaystyle P} ", written ¬ P {\displaystyle \neg P}, which is interpreted intuitively as being ...

Negative affectivity

Negative affectivity, or negative affect, is a personality variable that involves the experience of negative emotions and poor self-concept. Negative affectivity subsumes a variety of negative emotions, including anger, contempt, disgust, guilt, ...

Negative amortization

In finance, negative amortization occurs whenever the loan payment for any period is less than the interest charged over that period so that the outstanding balance of the loan increases. As an amortization method the shorted amount is then added ...

Negative number

In mathematics, a negative number is a real number that is less than zero. Negative numbers represent opposites. If positive represents a movement to the right, negative represents a movement to the left. If positive represents above sea level, t ...

Negative and positive rights

Negative and positive rights are rights that oblige either action or inaction. These obligations may be of either a legal or moral character. The notion of positive and negative rights may also be applied to liberty rights. To take an example inv ...

Negative base

A negative base may be used to construct a non-standard positional numeral system. Like other place-value systems, each position holds multiples of the appropriate power of the systems base; but that base is negative - that is to say, the base b ...

Negative-bias temperature instability

Negative-bias temperature instability is a key reliability issue in MOSFETs. NBTI manifests as an increase in the threshold voltage and consequent decrease in drain current and transconductance of a MOSFET. The degradation is often approximated b ...