Final answer:
The mathematical statement lim x->c G(x)=L refers to the limit of the function G(x) as x approaches the value c, with the function approaching the limit L. Limits describe the value that a function approaches as the input gets close to a certain point.
Step-by-step explanation:
When we say lim x->c G(x)=L, we are talking about the concept of a limit in mathematics. This statement describes the behavior of a function G(x) as the variable x approaches a specific value c. The value L is the limit that G(x) approaches as x gets closer and closer to c. To put it more simply, even though x might not ever actually reach the value c, the function G(x) gets increasingly close to the value L. This is crucial in scenarios such as when trying to understand continuous growth or decay, or working with functions that aren't defined at certain points.
Often in economics, functions describe cause and effect. For instance, suppose your GPA was determined by the equation GPA = 0.25 x combined_SAT + 0.25 × class_attendance + 0.50 × hours_spent_studying. Here, your GPA is the "effect," while the combined SAT scores, class attendance, and hours spent studying are the "causes" explaining this effect. While this example doesn't directly demonstrate a limit, it showcases how functions represent relationships where one variable depends on one or several other variables.