First order condition

 

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First order condition

One of the mathematical necessary conditions for maximization, used routinely in solving economic models. Typically, it consists of setting equal to zero the derivative of the function being maximized (or its Lagrangian) with respect to a variable that can be controlled.



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Bargain conditions apply

Bargain conditions apply

A term used by the London Stock Exchange to denote that certain conditions were agreed between the two participants at the time of trading.


Conditional Sales Contract

Conditional Sales Contract

A sale in which the title to property or goods remains with the seller until the purchaser has fulfilled the terms of the contract, usually payment in full.


Statement of condition

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A document describing the status of assets, liabilities, and equity of a person or business at a particular time.


Marshall-Lerner condition

Marshall-Lerner condition

The condition that sum of the elasticities of demand for exports and imports exceed one (in absolute value); that is, hX + hM > 1, where hX, hM are the demand elasticities for a country's exports and imports respectively, both defined to be positive for downward sloping demands. Under certain assumptions, this is the condition for a depreciation to improve the trade balance, for the exchange market to be stable, and for international barter exchange to be stable.


Conditionality

Conditionality

The requirements imposed by the IMF and World Bank on borrowing countries to qualify for a loan, typically including a long list of budgetary and policy changes comprising a structural adjustment program.


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