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ECON 2301 Exam 3 Vocab
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Terms in this set (11)
ID Matrix
A matrix with 1s in its principal diagonal (top left to bottom right) and zeros everywhere else. Anything times the ID matrix gets itself. Always square.
Null Matrix
A matrix with only zeros. Doesn't need to be square. Anything times the null matrix will be a null matrix (dimensions vary)
Nonsingular Matrix
A matrix that has an inverese. A matrix without an inverse is a singular matrix.
Principle Minor
Principle minor. A subset matrix of a matrix where you remove the ith and jth rows, where i=j.
Average Vs Marginal
Average is the the typical amount for everything, marginal is the change from 1 point to another.
Elasticity
looking at rates of change, how much one variable changes when another variable changes
Local Extremum
A min or max value within a certain range of integers
Global Extremum
The ultimately min or max value for an entire function.
Natural Exponential Formula
(d/dt)
Ae^(rt) = r
Ae^(rt)
Common Log Formula
bunch of laws/rules to them...several different ones depending on add/sub, mult/divide, etc...
Positive Definite Formula
idk book is confusing
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