Expenditure minimization problem — In microeconomics, the expenditure minimization problem is another perspective on the utility maximization problem: how much money do I need to be happy? . This question comes in two parts. Given a consumer s utility function, prices, and a… … Wikipedia
function — ▪ I. function func‧tion 1 [ˈfʌŋkʆn] noun 1. [countable] the purpose for which something is made or used, or the job that someone does; =role: • The main function of a cash machine is to provide people with cash when the bank is shut. • He was… … Financial and business terms
Hicksian demand function — In microeconomics, a consumer s Hicksian demand correspondence is the demand of a consumer over a bundle of goods that minimizes their expenditure while delivering a fixed level of utility. If the correspondence is actually a function, it is… … Wikipedia
Stone-Geary utility function — The Stone Geary utility function takes the form:U = prod {i} (q i gamma i)^{eta {iwhere U is utility, q i is consumption of good i, and eta and gamma are parameters.For gamma i = 0, the Stone Geary function reduces to the generalised Cobb… … Wikipedia
Aggregate expenditure — In economics, Aggregate Expenditure is a measure of national income. Basically it is one of the approaches to measure GDP. It is defined as the value of planned goods and services produced in an economy. Where GDP is defined as C + I + G + NX and … Wikipedia
Cobb–Douglas production function — A two input Cobb–Douglas production function In economics, the Cobb–Douglas f form of production functions is widely used to represent the relationship of an output to inputs. Similar functions were originally used by Knut Wicksell (1851–1926),… … Wikipedia
Consumption function — In economics, the consumption function is a single mathematical function used to express consumer spending. It was developed by John Maynard Keynes and detailed most famously in his book The General Theory of Employment, Interest, and Money. The… … Wikipedia
God's utility function — is a phrase coined by Richard Dawkins in his book River Out of Eden. God s utility function is the third chapter in this book. Dawkins uses this phrase to expound the Gene centered view of evolution by equating the phrase to the meaning of life… … Wikipedia
consumption function — ▪ economics in economics, the relationship between consumer spending and the various factors determining it. At the household or family level, these factors may include income, wealth, expectations about the level and riskiness of future… … Universalium
step-function cost — An item of expenditure that when plotted on a graph against activity levels gives a stepped function; i.e. increments of cost are incurred as activity rises. See also: semi fixed cost, linear cost function … Accounting dictionary
