Present the model of a market of a single good from Exercise E1 as (a) a dynamic
Question:
Present the model of a market of a single good from Exercise E1 as
(a) a dynamic discrete-time model,
(b) a dynamic continuous-time model.
Exercise E1
There is a market of a homogeneous product with exogenously determined
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Check whether in these models Walras's law is satisfied for an excess demand func- tion. Selecting proper values for parameter > 0 in the dynamic discrete-time model determine a feasible price trajectory for 10 subsequent periods: t = 1, 2, ..., 10.
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Related Book For
Microeconomics Static And Dynamic Analysis Springer Texts In Business And Economics
ISBN: 9783031105531
1st Edition
Authors: Krzysztof Malaga, Karolina Sobczak
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