Universitatea Politehnica Bucuresti - FILS Systems of Differential Equations and Models in Physics‚ Engineering and Economics Coordinating professor: Valeriu Prepelita Bucharest‚ July‚ 2010 Table of Contents 1. Importance and uses of differential equations 4 1.1. Creating useful models using differential equations 4 1.2. Real-life uses of differential equations 5 2. Introduction to differential equations 6 2.1. First order equations 6 2.1.1. Homogeneous equations 6
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resources financially ‚ we as consumers are now faced with the choice of what to purchase and how much to purchase so that we may satisfy our appetite whilst still remaining well within our allocated budget. This scenario is basically the concept of economics’ placed into practice in one’s everyday life. To the average consumer purchasing products or goods that are relatively close to the product’s expiration date may seem risky‚ hazardous‚ life threatening to one’s health or to the more skeptical individual
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MC equals MR‚ the profit is maximized. From the above table‚ when output level is 140 minutes‚ marginal revenue equals marginal cost ($10000=$10000)‚ so the profit-maximizing level of output is 140 minutes. (d) When the industry exists positive economic profit‚ it will attract new firms to enter into the industry. However‚ no more licenses will be offered by government‚ so no any new firm entering the industry. (e)(i) Collusion is a formal or tacit agreement to limit competition by setting output
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Deforestation is the removal of damage of forest vegetation to the extent that the effected area can no longer support its natural flora and fauna (Thomson‚ www.dmc.engr.wisc.edu). I think that the four main causes of deforestation which interrelate with each other are logging‚ agriculture‚ ranching and population growth. There is an argument called the tragedy of the commons theory which will be discussed. One cause of deforestation is logging. Logging is the practice of cutting down trees‚ then
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Projection is of two types – forward and backward. It is a forward projection of data variables‚ which is named forecasting. By contrast‚ the backward projection of data may be named ‘back casting’‚ a tool used by the new economic historians. For practical managers concerned with futurology‚ what is relevant is forecasting‚ the forward projection of data‚ which supports the production of an event. Thus
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. THE ECONOMIC PROBLEM AND ECONOMIC SYSTEMS The economic activity of a society consists of activities related to the production and consumption of goods and services. Since earliest times‚ the primary function of organized society has been economic in nature. The other elements of civilized society -- architecture‚ literature‚ music‚ etc. -- emerge only after the material needs of the society have been amply provided for. Poor societies do not build great pyramids‚ erect magnificent cathedrals‚ or
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Assume a consumption function that takes on the following algebraic form: C = $100 + .8Y. Assume that Y = $1000 what is the level of consumption at this income level. C = $100 + .8($1000) = $100 + $800 = $900. 1. Using the above figure calculate the marginal propensity to consume between the aggregate income levels of $80 and $100. Also explain why this consumption function is linear. The marginal propensity to consume is equal to $15/$20 = .75. The consumption
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elasticity of demand Inelastic demand curve will be less than 1 Inelastic demand curve will be less than 1 Elastic demand curve will be greater than 1 Elastic demand curve or Kinked demand curve will be greater than 1 Is there a presence of economic profits? No Yes Yes Yes Introduction: Printing is one of the most highly competitive industries in America today there are literally thousands of printers in the United States‚ they range from a small mom and pop operation to multinational
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Brief Historical Timeline Brief Historical Timeline of the Hacienda Luisita Land Dispute Spanish Period Hacienda Luisita was once owned by the “Compañía General de Tabacos de Filipinas‚” also known as “Tabacalera”‚ founded in November 1881 by Don Antonio López y López‚ a Spaniard from Santander‚ Cantabria‚ Spain. Lopez acquired the estate in 1882‚ a year before his death‚ and named it “Hacienda Luisita” after his wife‚ Luisa Bru y Lassús. Lopez was considered a financial genius and the “most
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SOME OF THE MAIN PROBLEMS OF LEXICOLOGY 1 lexicology is the study of words-their menanigs and relationships. * English vocabulary is one of the most extensive amongst the world’s lang.contains an immense number of words of forerign origin. * lexicology has to study the etymology of word‚e.g.their origin‚ their development and function * And English is lang.which had changed a lot in a short period of time * So‚ lexicology has to deal with all the changes in grammar and the vocabulary
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