A NONLINEAR MICROECONOMIC MODEL OF GOODS PRODUCTION AND SALE USING FUNCTIONAL ANALYSIS
Veronika Novotná and
Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2017, vol. 11, issue 1, 1-8
Mathematical methods have been used with increasing success in solving particular tasks of dynamic process modelling, both in macroeconomics and in microeconomics. The efforts to simulate processes in situations when experiments on real objects cannot be performed or such experiments would be uneconomical are the most frequent reason for modelling in microeconomics. This paper presents a nonlinear dynamic model of production, storage and sale of daily consumer goods, ac-counting for the impact of history on the behaviour of the respective values at present. The model is described using the so-called ordinary delay differential equations and may be used in production planning or as a part of models addressing issues of cooperation or competition. The solution is demonstrated on a practical example and is presented graphically.
Keywords: goods; delay differential equations; functional differential equation; microeconomic model (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:11:y:2017:i:1:p:1-8
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