Marginal revenueMarginal revenue (or marginal benefit) is a central concept in microeconomics that describes the additional total revenue generated by increasing product sales by 1 unit. Marginal revenue is the increase in revenue from the sale of one additional unit of product, i.e., the revenue from the sale of the last unit of product. It can be positive or negative. Marginal revenue is an important concept in vendor analysis.
Marginal costIn economics, the marginal cost is the change in the total cost that arises when the quantity produced is incremented, the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output.
Set theorySet theory is the branch of mathematical logic that studies sets, which can be informally described as collections of objects. Although objects of any kind can be collected into a set, set theory, as a branch of mathematics, is mostly concerned with those that are relevant to mathematics as a whole. The modern study of set theory was initiated by the German mathematicians Richard Dedekind and Georg Cantor in the 1870s. In particular, Georg Cantor is commonly considered the founder of set theory.
Isomorphism theoremsIn mathematics, specifically abstract algebra, the isomorphism theorems (also known as Noether's isomorphism theorems) are theorems that describe the relationship between quotients, homomorphisms, and subobjects. Versions of the theorems exist for groups, rings, vector spaces, modules, Lie algebras, and various other algebraic structures. In universal algebra, the isomorphism theorems can be generalized to the context of algebras and congruences.
Fuzzy setIn mathematics, fuzzy sets (a.k.a. uncertain sets) are sets whose elements have degrees of membership. Fuzzy sets were introduced independently by Lotfi A. Zadeh in 1965 as an extension of the classical notion of set. At the same time, defined a more general kind of structure called an L-relation, which he studied in an abstract algebraic context. Fuzzy relations, which are now used throughout fuzzy mathematics and have applications in areas such as linguistics , decision-making , and clustering , are special cases of L-relations when L is the unit interval [0, 1].
Universal setIn set theory, a universal set is a set which contains all objects, including itself. In set theory as usually formulated, it can be proven in multiple ways that a universal set does not exist. However, some non-standard variants of set theory include a universal set. Many set theories do not allow for the existence of a universal set. There are several different arguments for its non-existence, based on different choices of axioms for set theory. In Zermelo–Fraenkel set theory, the axiom of regularity and axiom of pairing prevent any set from containing itself.
Rough setIn computer science, a rough set, first described by Polish computer scientist Zdzisław I. Pawlak, is a formal approximation of a crisp set (i.e., conventional set) in terms of a pair of sets which give the lower and the upper approximation of the original set. In the standard version of rough set theory (Pawlak 1991), the lower- and upper-approximation sets are crisp sets, but in other variations, the approximating sets may be fuzzy sets. The following section contains an overview of the basic framework of rough set theory, as originally proposed by Zdzisław I.
Set-builder notationIn set theory and its applications to logic, mathematics, and computer science, set-builder notation is a mathematical notation for describing a set by enumerating its elements, or stating the properties that its members must satisfy. Defining sets by properties is also known as set comprehension, set abstraction or as defining a set's intension. Set (mathematics)#Roster notation A set can be described directly by enumerating all of its elements between curly brackets, as in the following two examples: is the set containing the four numbers 3, 7, 15, and 31, and nothing else.
Naive set theoryNaive set theory is any of several theories of sets used in the discussion of the foundations of mathematics. Unlike axiomatic set theories, which are defined using formal logic, naive set theory is defined informally, in natural language. It describes the aspects of mathematical sets familiar in discrete mathematics (for example Venn diagrams and symbolic reasoning about their Boolean algebra), and suffices for the everyday use of set theory concepts in contemporary mathematics.
OligopolyAn oligopoly () is a market in which control over an industry lies in the hands of a few large sellers who own a dominant share of the market. Oligopolistic markets have homogenous products, few market participants, and inelastic demand for the products in those industries. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are also mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action.
Heuristic (computer science)In mathematical optimization and computer science, heuristic (from Greek εὑρίσκω "I find, discover") is a technique designed for problem solving more quickly when classic methods are too slow for finding an exact or approximate solution, or when classic methods fail to find any exact solution. This is achieved by trading optimality, completeness, accuracy, or precision for speed. In a way, it can be considered a shortcut.
Complement (set theory)In set theory, the complement of a set A, often denoted by A∁ (or A′), is the set of elements not in A. When all sets in the universe, i.e. all sets under consideration, are considered to be members of a given set U, the absolute complement of A is the set of elements in U that are not in A. The relative complement of A with respect to a set B, also termed the set difference of B and A, written is the set of elements in B that are not in A.
