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.
Price ceilingA price ceiling is a government- or group-imposed price control, or limit, on how high a price is charged for a product, commodity, or service. Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive. Such conditions can occur during periods of high inflation, in the event of an investment bubble, or in the event of monopoly ownership of a product, all of which can cause problems if imposed for a long period without controlled rationing, leading to shortages.
Revealed preferenceRevealed preference theory, pioneered by economist Paul Anthony Samuelson in 1938, is a method of analyzing choices made by individuals, mostly used for comparing the influence of policies on consumer behavior. Revealed preference models assume that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory arose because existing theories of consumer demand were based on a diminishing marginal rate of substitution (MRS).
Train stationA train station, railway station, railroad station, or railway depot is a railway facility where trains stop to load or unload passengers, freight, or both. It generally consists of at least one platform, one track, and a station building providing such ancillary services as ticket sales, waiting rooms, and baggage/freight service. If a station is on a single-track line, it often has a passing loop to facilitate traffic movements.
Fisher informationIn mathematical statistics, the Fisher information (sometimes simply called information) is a way of measuring the amount of information that an observable random variable X carries about an unknown parameter θ of a distribution that models X. Formally, it is the variance of the score, or the expected value of the observed information. The role of the Fisher information in the asymptotic theory of maximum-likelihood estimation was emphasized by the statistician Ronald Fisher (following some initial results by Francis Ysidro Edgeworth).
Bicycle-friendlyBicycle-friendly policies and practices help some people feel more comfortable about traveling by bicycle with other traffic. The level of bicycle-friendliness of an environment can be influenced by many factors including town planning and cycling infrastructure decisions. A stigma towards people who ride bicycles and fear of cycling is a social construct that needs to be fully understood when promoting a bicycle friendly culture.
Consumer choiceThe theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. Factors influencing consumers' evaluation of the utility of goods include: income level, cultural factors, product information and physio-psychological factors.
Information theoryInformation theory is the mathematical study of the quantification, storage, and communication of information. The field was originally established by the works of Harry Nyquist and Ralph Hartley, in the 1920s, and Claude Shannon in the 1940s. The field, in applied mathematics, is at the intersection of probability theory, statistics, computer science, statistical mechanics, information engineering, and electrical engineering. A key measure in information theory is entropy.
Grid planIn urban planning, the grid plan, grid street plan, or gridiron plan is a type of city plan in which streets run at right angles to each other, forming a grid. Two inherent characteristics of the grid plan, frequent intersections and orthogonal geometry, facilitate movement. The geometry helps with orientation and wayfinding and its frequent intersections with the choice and directness of route to desired destinations. In ancient Rome, the grid plan method of land measurement was called centuriation.
Human migrationHuman migration is the movement of people from one place to another with intentions of settling, permanently or temporarily, at a new location (geographic region). The movement often occurs over long distances and from one country to another (external migration), but internal migration (within a single country) is also possible; indeed, this is the dominant form of human migration globally. Migration is often associated with better human capital at both individual and household level, and with better access to migration networks, facilitating a possible second move.
Static web pageA static web page (sometimes called a flat page or a stationary page) is a web page that is delivered to the user's web browser exactly as stored, in contrast to dynamic web pages which are generated by a web application. Consequently, a static web page often displays the same information for all users, from all contexts, subject to modern capabilities of a web server to negotiate content-type or language of the document where such versions are available and the server is configured to do so.
Dijkstra's algorithmDijkstra's algorithm (ˈdaɪkstrəz ) is an algorithm for finding the shortest paths between nodes in a weighted graph, which may represent, for example, road networks. It was conceived by computer scientist Edsger W. Dijkstra in 1956 and published three years later. The algorithm exists in many variants. Dijkstra's original algorithm found the shortest path between two given nodes, but a more common variant fixes a single node as the "source" node and finds shortest paths from the source to all other nodes in the graph, producing a shortest-path tree.
