Publication details

Dynamic Modeling Economic Equilibrium with Maple



Year of publication 2017
Type Article in Proceedings
Conference 35th International Conference Mathematical Methods in Economics. MME 2017
MU Faculty or unit

Field Management and administrative
Keywords differential equations with delay; economic equilibrium; Maple
Description Paper presents a modern approach to solution of mathematical models described by standard differential equations with delayed argument with using the Maple™ system. Currently, the library package with resources for differential equations with delay is built in the Maple system. We (briefly) discuss this advanced library package as another subgoal of this paper. There is presented a background for formulation of interactive numerical simulation-modeling of price speed of changes in time as a continuous dynamic model of the partial economic equilibrium (of the demand and supply) on the market with perfect competition. Naturally, we assume that in the market economy change of variables is dependent on the variables values, which was achieved in the past. Standard differential equations with delay can describe the time development of real phenomena more precisely. In the case study, we designed an interactive Maplet that visualizes computational simulation.
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