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Rationality of Choices Made by Groups of Producers and Groups of Consumers

In: Workbook for Microeconomics

Author

Listed:
  • Karolina Sobczak-Marcinkowska

    (Poznań University of Economics and Business)

  • Krzysztof Malaga

    (Poznań University of Economics and Business)

Abstract

This Chapter presents 7 exercises that help in understanding the problem of describing behaviour of the community of consumers and producers. They concern two different types of static and dynamic two-commodity models: 1) with supply functions and functions of demand for a product that are defined exogenously, 2) with supply functions and functions of demand for a product that are defined endogenously—that is the Arrow-Debreu-McKenzie general equilibrium models. The dynamic models are considered in a discrete-time and in a continuous-time versions. In particular the focus of the exercises is to deal with a concept of the Walrasian general equilibrium and its existence, uniqueness and asymptotical global stability.

Suggested Citation

  • Karolina Sobczak-Marcinkowska & Krzysztof Malaga, 2023. "Rationality of Choices Made by Groups of Producers and Groups of Consumers," Springer Texts in Business and Economics, in: Workbook for Microeconomics, chapter 0, pages 229-249, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-41947-8_6
    DOI: 10.1007/978-3-031-41947-8_6
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