Equation 18 · Part 2 · When Generation Becomes Free, Attention Becomes the Scarce Good
Symbol q
What this part means
q is a part of this expression. Its role is fixed by the surrounding article and by the operations shown in the formula.
Its job in the formula
q is a part of this expression. Its role is fixed by the surrounding article and by the operations shown in the formula.
Full expression→Symbol q→Article meaning
The passage around this formula
where v(q) is the buyer’s value of quality q and c(q) the seller’s reservation value. Only sellers whose reservation value lies below the prevailing price participate, and the price is the expectation over exactly that self-selected pool [ 2 ] .
Learn the underlying idea
A variable is a named place for a value. Its letter is a local label: x can mean position in one formula and a data point in another.
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Sources cited in the surrounding passage
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