This function equals the square root of half the income times the cost of withdrawal all divided by the interest rate, as shown in the Baumol-Tobin mo
This function equals the square root of half the income times the cost of withdrawal all divided by the interest rate, as shown in the Baumol-Tobin model. The Markovian variety of this quantity is typically used to model inventory control, and the uncompensated and compensated variety of this quantity, Marshallian and Hicksian respectively, are related by the Slutsky equation. Giffen goods violate the namesake law of this quantity, and the graph of this quantity typically has a negative slope, meaning that it decreases as price levels increase. For 10 points, name this economic quantity usually contrasted with supply.
This function equals the square root of half the income times the cost of withdrawal all divided by the interest rate, as shown in the Baumol-Tobin model.
Demand