Market failureIn neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. Market failures can be viewed as scenarios where individuals' pursuit of pure self-interest leads to results that are not efficient – that can be improved upon from the societal point of view. The first known use of the term by economists was in 1958, but the concept has been traced back to the Victorian philosopher Henry Sidgwick.
Square numberIn mathematics, a square number or perfect square is an integer that is the square of an integer; in other words, it is the product of some integer with itself. For example, 9 is a square number, since it equals 32 and can be written as 3 × 3. The usual notation for the square of a number n is not the product n × n, but the equivalent exponentiation n2, usually pronounced as "n squared". The name square number comes from the name of the shape. The unit of area is defined as the area of a unit square (1 × 1).
Square rootIn mathematics, a square root of a number x is a number y such that ; in other words, a number y whose square (the result of multiplying the number by itself, or ) is x. For example, 4 and −4 are square roots of 16 because . Every nonnegative real number x has a unique nonnegative square root, called the principal square root, which is denoted by where the symbol "" is called the radical sign or radix. For example, to express the fact that the principal square root of 9 is 3, we write .
PricingPricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of product. Pricing is a fundamental aspect of product management and is one of the four Ps of the marketing mix, the other three aspects being product, promotion, and place.
