Lesson plan
Isoelastic function
In mathematical economics, an isoelastic function, sometimes constant elasticity function, is a function that exhibits a constant elasticity, i.e. has a constant elasticity coefficient. The elasticity is the ratio of the percentage change in the dependent variable to the percentage causative change in the independent variable, in the limit as the changes approach zero in magnitude. For an elasticity coefficient r (which can take on any real value), the function's general form is given by : f(x) = {k x^r}, where k and r are constants. The elasticity is by definition : \text {elasticity} = \frac {d f(x)}{dx} \frac {x}{f(x)} = \frac {d \text{ln} f(x)}{d \text{ln} x}, which for this function simply equals r.
Article summary
In mathematical economics, an isoelastic function, sometimes constant elasticity function, is a function that exhibits a constant elasticity, i.e. has a constant elasticity coefficient. The elasticity is the ratio of the percentage change in the dependent variable to the percentage causative change in the independent variable, in the limit as the changes approach zero in magnitude. For an elasticity coefficient r (which can take on any real value), the function's general form is given by : f(x) = {k x^r}, where k and r are constants. The elasticity is by definition : \text {elasticity} = \frac {d f(x)}{dx} \frac {x}{f(x)} = \frac {d \text{ln} f(x)}{d \text{ln} x}, which for this function simply equals r.
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Discussion questions
- Summarise the article in your own words. Which single claim would you verify first, and why?
- Which claim in this article is most likely to be revised as the sources update? How would you check its current status?
- If two sources disagreed about one of these facts, what would you need in order to trust one over the other?
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Key claims and bibliography are generated from the same tracked claims and sources as the article page.