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In math, it may have many meanings. It is just a letter that is used as a symbol.

In a geological context, specifically in seismicity (and in Physics in general) lambda is commonly used as the symbol for wavelength, in radiometric dating, the lambda symbol is used to represent the decay constant of the parent isotope.

These are two of the more common uses of the symbol in a geological context, however as stated above it may have a large number of other uses.

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