ECO201_Lec 2_19 May

ECO201_Lec 2_19 May - ECO201 Section 2 Lecture 2 Domain and...

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ECO201 Section 2 Lecture 2
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Domain and Range: Problem Types of Function Constant Function: Range consists of only one element Polynomial Function: Multi term function Linear Quadratic Cubic Slope and intercept 10 . 10 ) ( = = = y e i x f y n n x a x a x a x a a y + + + + + = ........ 3 3 2 2 1 0
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Rational Function: Expressed as a ratio of two polynomial functions. A common example in economics is the rectangular hyperbola Functions of Two or more independent variable: Graphical representation 2 ) 1 ( 1 + - = x x y a xy or x a y = = by ax z or y x f z + = = ) , (
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Equilibrium In our context ‘it is a constellation of selected interrelated variables so adjusted to one another that no inherent tendency to change prevails in the model which they constitute’. A set of variables constitute a set of equations- they are said be in equilibrium if they are in a state of rest.
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Selected variables: the analyst choose to include in the model but there could be other variables,
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This note was uploaded on 04/24/2011 for the course ECON 201 taught by Professor Takrimasyeda during the Fall '08 term at BRAC University.

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ECO201_Lec 2_19 May - ECO201 Section 2 Lecture 2 Domain and...

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