Cost curveIn economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to decide output quantities. There are various types of cost curves, all related to each other, including total and average cost curves; marginal ("for each additional unit") cost curves, which are equal to the differential of the total cost curves; and variable cost curves.
Representation theoryRepresentation theory is a branch of mathematics that studies abstract algebraic structures by representing their elements as linear transformations of vector spaces, and studies modules over these abstract algebraic structures. In essence, a representation makes an abstract algebraic object more concrete by describing its elements by matrices and their algebraic operations (for example, matrix addition, matrix multiplication).
Party-list proportional representationParty-list proportional representation (list-PR) is a subset of proportional representation electoral systems in which multiple candidates are elected (e.g., elections to parliament) through their position on an electoral list. They can also be used as part of mixed-member electoral systems. In these systems, parties make lists of candidates to be elected, and seats are distributed by elections authorities to each party in proportion to the number of votes the party receives.
D'Hondt methodThe D'Hondt method, also called the Jefferson method or the greatest divisors method, is an apportionment method for allocating seats in parliaments among federal states, or in proportional representation among political parties. It belongs to the class of highest-averages methods. The method was first described in 1792 by future U.S. president Thomas Jefferson. It was re-invented independently in 1878 by Belgian mathematician Victor D'Hondt, which is the reason for its two different names.
Highest averages methodA highest-averages method, also called a divisor method, is a class of methods for allocating seats in a parliament among agents such as political parties or federal states. A divisor method is an iterative method: at each iteration, the number of votes of each party is divided by its divisor, which is a function of the number of seats (initially 0) currently allocated to that party. The next seat is allocated to the party whose resulting ratio is largest.
