Briefly explain;
- Definitional equation
- Behavioural equations
- Identities
In business mathematics term
- Definitional equation: A mathematical equation that defines a specific relationship or concept, often used to succinctly represent a fundamental principle or formula in business mathematics.
- Behavioural equations: Mathematical equations that describe the behavior or pattern of a specific variable or set of variables in a business context, used to analyze trends, make predictions, or model relationships in data.
- Identities: Equations that are true for all values of the variables involved, often used to simplify or manipulate expressions in business mathematics to derive new information or solve problems.