IsocostIn economics, an isocost line shows all combinations of inputs which cost the same total amount. Although similar to the budget constraint in consumer theory, the use of the isocost line pertains to cost-minimization in production, as opposed to utility-maximization. For the two production inputs labour and capital, with fixed unit costs of the inputs, the equation of the isocost line is where w represents the wage rate of labour, r represents the rental rate of capital, K is the amount of capital used, L is the amount of labour used, and C is the total cost of acquiring those quantities of the two inputs.
Mathematical formulation of quantum mechanicsThe mathematical formulations of quantum mechanics are those mathematical formalisms that permit a rigorous description of quantum mechanics. This mathematical formalism uses mainly a part of functional analysis, especially Hilbert spaces, which are a kind of linear space. Such are distinguished from mathematical formalisms for physics theories developed prior to the early 1900s by the use of abstract mathematical structures, such as infinite-dimensional Hilbert spaces (L2 space mainly), and operators on these spaces.
IsoquantAn isoquant (derived from quantity and the Greek word iso, meaning equal), in microeconomics, is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs. The x and y axis on an isoquant represent two relevant inputs, which are usually a factor of production such as labour, capital, land, or organisation. An isoquant may also be known as an “Iso-Product Curve”, or an “Equal Product Curve”.
Iterated binary operationIn mathematics, an iterated binary operation is an extension of a binary operation on a set S to a function on finite sequences of elements of S through repeated application. Common examples include the extension of the addition operation to the summation operation, and the extension of the multiplication operation to the product operation. Other operations, e.g., the set-theoretic operations union and intersection, are also often iterated, but the iterations are not given separate names.
Logical conjunctionIn logic, mathematics and linguistics, and () is the truth-functional operator of conjunction or logical conjunction. The logical connective of this operator is typically represented as or or (prefix) or or in which is the most modern and widely used. The and of a set of operands is true if and only if all of its operands are true, i.e., is true if and only if is true and is true. An operand of a conjunction is a conjunct.
MonoidIn abstract algebra, a branch of mathematics, a monoid is a set equipped with an associative binary operation and an identity element. For example, the nonnegative integers with addition form a monoid, the identity element being 0. Monoids are semigroups with identity. Such algebraic structures occur in several branches of mathematics. The functions from a set into itself form a monoid with respect to function composition. More generally, in , the morphisms of an to itself form a monoid, and, conversely, a monoid may be viewed as a category with a single object.
