Timeline for "Real world" examples of implicit functions
Current License: CC BY-SA 4.0
10 events
| when toggle format | what | by | license | comment | |
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| S Nov 1, 2022 at 16:04 | history | suggested | Elmina | CC BY-SA 4.0 |
Fun extension of a clever example
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| Oct 24, 2022 at 23:53 | review | Suggested edits | |||
| S Nov 1, 2022 at 16:04 | |||||
| Apr 2, 2018 at 21:50 | comment | added | Nate Bade | I should say as well that the for most economists, the application is only local and never touches on a mathematical explanation: if we perturb the price slightly, what happens to sales? There's no hope of finding the actual function so why bother? That said here's another resource for some problems: math.ubc.ca/~maclean/math104/elasticity.pdf Even with the drawbacks, I've found students really like getting to talk about the limitations of these models. | |
| Apr 2, 2018 at 21:41 | comment | added | Nate Bade | Off the top of my head I don't really. In practice, price and demand relationships show up as a spreadsheet of prices and sales, and their fluctuations are dependent a lot of factors. Coming up with a way to compute the relationship for a single product in a single industry easily nets you a paper. So these problems are the theoretical background that we would hope to find in reality, if you look in the econ literature the calculus gives us some nice ways to interpret the spreadsheet. However, I've found that if you discuss these limitations with students they get that it's an idealization. | |
| Apr 1, 2018 at 19:00 | comment | added | Michael Bächtold | I really like this answer and would like to incorporate an example from economics in class. But in the notes you linked, I couldn't find a concrete and realistic implicit equation. The examples you mention (like $p^2-pq+q^2=400$) would be fine, if I could convince the students that I'm not just making up equations. Do you have a reference for the derivation of such an implicit equation in economics? | |
| Feb 23, 2018 at 21:21 | history | edited | Nate Bade | CC BY-SA 3.0 |
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| Feb 23, 2018 at 21:11 | history | edited | Nate Bade | CC BY-SA 3.0 |
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| Feb 23, 2018 at 18:41 | history | edited | Nate Bade | CC BY-SA 3.0 |
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| Feb 23, 2018 at 18:29 | history | edited | Nate Bade | CC BY-SA 3.0 |
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| Feb 23, 2018 at 18:17 | history | answered | Nate Bade | CC BY-SA 3.0 |