Intro to Mathematical Economics
Equilibrium points are specific values in a mathematical model where the system is in balance, meaning that the rates of change of all variables involved are zero. These points indicate stable conditions in a system, where external influences do not cause the system to shift away from this state. Understanding equilibrium points helps analyze the behavior of systems over time, particularly in relation to stability and dynamics.
congrats on reading the definition of Equilibrium Points. now let's actually learn it.