ON APPROXIMATE ANALYTIC TECHNIQUES FOR THE CONSTRUCTION AND ANALYSIS OF SOLUTIONS OF MATHEMATICAL MODELS

M.O. Aibinu () and S. Moyo
Additional contact information
M.O. Aibinu: Institute for Systems Science, Durban University of Technology, South Africa
S. Moyo: Department of Applied Mathematics and School for Data Science and Computational Thinking, Stellenbosch University, South Africa

Matrix Science Mathematic (MSMK), 2023, vol. 7, issue 1, 58-62

Abstract: The study presents how to obtain the solutions of the n^th-order ordinary differential equations with varying delay proportional to the independent variable, where n belongs to the set of natural number, ℕ. These are equations that are often used in Mathematics to characterize real life problems such as optimizing profits, minimizing costs, and improving individuals’ health. Economic models can help to understand and predict the economic behaviours of different countries. The results of this study are applied to certain economic models. Under the assumption that the market is in equilibrium, the study considers price adjustment models and proposes an adjustment model by introducing a proportional delay into the formulation, which improves the suitability of the models. The study displays the solutions of the models by using Matlab to present their graphs and compare them.

Keywords: Sumudu transform; Proportional delay; Price adjustment model; Demand and supply; Equilibrium (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://matrixsmathematic.com/archives/1msmk2023/1msmk2023-58-62.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zib:zbmsmk:v:7:y:2023:i:1:p:58-62

DOI: 10.26480/msmk.01.2023.58.62

Access Statistics for this article

Matrix Science Mathematic (MSMK) is currently edited by Assoc. Professor. Dr Norma Binti Alias

More articles in Matrix Science Mathematic (MSMK) from Zibeline International Publishing
Bibliographic data for series maintained by Zibeline International Publishing ( this e-mail address is bad, please contact ).