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In economics, an Edgeworth box, sometimes referred to as an Edgeworth-Bowley box, is a graphical representation of a market with just two commodities, X and Y, and two consumers. The dimensions of the box are the total quantities Ω x and Ω y of the two goods. Let the consumers be Octavio and Abby. The top right-hand corner of the box ...
In economics, comparative statics is the comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter. [1] As a type of static analysis it compares two different equilibrium states, after the process of adjustment (if any). It does not study the motion towards equilibrium, nor the process of ...
Water storage. Water storage is a broad term referring to storage of both potable water for consumption, and non potable water for use in agriculture. In both developing countries and some developed countries found in tropical climates, there is a need to store potable drinking water during the dry season. In agriculture water storage, water is ...
In mathematical economics, the Arrow–Debreu model is a theoretical general equilibrium model. It posits that under certain economic assumptions (convex preferences, perfect competition, and demand independence) there must be a set of prices such that aggregate supplies will equal aggregate demands for every commodity in the economy.
The model of supply and demand also applies to various specialty markets. The model is commonly applied to wages, in the market for labor. The typical roles of supplier and demander are reversed. The suppliers are individuals, who try to sell their labor for the highest price.
The Ogallala Aquifer (oh-gə-LAH-lə) is a shallow water table aquifer surrounded by sand, silt, clay, and gravel located beneath the Great Plains in the United States. As one of the world's largest aquifers, it underlies an area of approximately 174,000 sq mi (450,000 km 2) in portions of eight states (South Dakota, Nebraska, Wyoming, Colorado, Kansas, Oklahoma, New Mexico, and Texas).
Water requirements for PSH are small: about 1 gigalitre of initial fill water per gigawatt-hour of storage. This water is recycled uphill and back downhill between the two reservoirs for many decades, but evaporation losses (beyond what rainfall and any inflow from local waterways provide) must be replaced.
Jun. 15—A much-needed renovation of an aging dam that's crucial for storing and delivering water to the region's growers was supposed to be finished by 2026, but federal officials now say they ...