02 Flashcards
What does the set (a,b) refer to
An open interval from a to b
a < x < b
What does the set notation [a,b] refer to
a closed interval from a to b
a < x < b
What does the set notation (a,b] refer to
A half open interval from a to b
a < x < b
What does the set notation [a,b) refer to
A half open interval from a to b
a < x < b
Is infinity a real number
No
What does a utility function do
Assigns a utility value to any alternative that a decision maker might choose
What does a production function do
Assigns a nonnegative real number to each amount of output
What does a cost function do
Assigns a nonnegative real number to each element of input
How does set X relate to function f
It is the domain of the function (set of possible inputs)
How does set Y relate to function f
It is the codomain (range) of the function (set of possible outputs)
What is an experiment
A procedure that has a well defined set of outcomes e.g. tossing a coin
What is a sample space
A finite set of all possible outcomes of a random experiment, denoted by Omega
What is a sample outcome
A possible outcome of the experiment - denoted with epsilon omega
What is an event
A subset of the sample space
When are events mutually exclusive
When they cannot happen at the same time - their intersection is the empty set
