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

Karolina Sobczak-Marcinkowska () and Krzysztof Malaga ()
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Karolina Sobczak-Marcinkowska: Poznań University of Economics and Business
Krzysztof Malaga: Poznań University of Economics and Business

Chapter Chapter 6 in Workbook for Microeconomics, 2023, pp 229-249 from Springer

Abstract: 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.

Date: 2023
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DOI: 10.1007/978-3-031-41947-8_6

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