Systems of Linear Equations
Fuad Aleskerov,
Hasan Ersel (hasanersel@yahoo.com) and
Dmitri Piontkovski
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Hasan Ersel: Sabanci University
Chapter 5 in Linear Algebra for Economists, 2011, pp 75-90 from Springer
Abstract:
Abstract Remember the economic model given in Introduction. It is one of the main problems in economics to find when (i.e, under what price) the demand and the supply of the economic system will be in equilibrium. We now begin to find these conditions for our model in the most general way. A set of linear equations is called a system. It is of interest to find conditions under which (a) the solution of a system exists, (b) the solution of a system is unique.
Keywords: Linear Equation; Demand Function; Public Consumption; Private Investment; Unknown Variable (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-642-20570-5_5
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DOI: 10.1007/978-3-642-20570-5_5
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