Equations
The change in the value of y when x increases by 1 unit.
What is the slope of a line/gradient?
Another term for integral.
What is the anti-derivative?
The derivative of f(x)=x^8.
What is f'(x)=8x^7?
A pair of goods consumed together.
What are complementary goods?
A matrix with one column.
What is a column vector?
A logarithm to base e.
What is the natural logarithm, ln?
The integral of 6x^5.
What is x^5+c?
The derivative of ln(x).
What is 1/x?
A good whose demand decreases as income increases.
What is an inferior good?
An nxn matrix in which every element on the main diagonal is 1 and the other elements are all 0.
What is an identity matrix?
A representation of a number which is written using powers.
What is exponential form?
The integral of 1/x.
What is ln(x)+c?
The derivative of y=3/x.
What is dy/dx=-3/x^2?
The inputs to the production of goods and services: land, capital, labour and raw materials.
What are factors of production?
The matrix obtained from a given matrix by interchanging rows and columns.
What is the transpose of a matrix?
The simplified form of (xy^2)^3.
What is x^3y^6?
The total revenue function, given the marginal revenue function is MR=20-2Q.
What is TR=20Q-Q^2?
A function is this when f"(x)<0.
What is concave?
Total revenue minus total costs.
What is profit?
A square matrix with a non-zero determinant.
What is a non-singular matrix?
The simplified form of log14-log7+2logx.
What is log(2x^2)
The term represented by the integral of the demand curve minus equilibrium price times equilibrium quantity.
What is consumer surplus?
The amount by which capital needs to rise to maintain a constant level of output when labour decreases by 1 unit.
What is the marginal rate of technical substitution?
Where the percentage change in demand is less than the corresponding percentage change in price.
What is inelastic demand?
The condition required to multiply two matrices, AB.
What is the number of columns of A must equal the number of rows of B?