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Did the Fire in LA Affect the Dollar Exchange Rate?
Background to the Los Angeles Fire The large fire that occurred in Los Angeles started on January 7, 2025 and quickly spread to various locations, including densely populated areas such as Pacific Palisades and Malibu. In a short time, this fire became one of the most destructive events in the city's history, affecting more than 10,000 buildings and burning more…
Definition of Formal Equilibrium
In economics, the formal concept of equilibrium plays an important role in understanding how economic variables interact with each other to achieve market balance. In general, equilibrium is defined as a condition where demand and supply in the market are comparable at a certain price level without any tendency to change. In the context of formal equilibrium, theoretical and mathematical…
Probability Concept in Expected Payoff
Definition of Expected Payoff Expected Payoff is an important concept in the theory of decision making under uncertainty, which is used to calculate the average payoff of the alternatives faced by the decision maker. In simple terms, expected payoff is the expected value or estimate of the reward that will be received if an action or decision is taken. This…
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