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2012 (Vol. 4, Issue: 4)
Article Information:

The Chaotic General Economic Equilibrium Model and Monopoly

Vesna D. Jablanovic
Corresponding Author:  Vesna D. Jablanovic 

Key words:  Chaos, general equilibrium, monopoly, output, , ,
Vol. 4 , (4): 373-375
Submitted Accepted Published
June 11, 2012 July 04, 2012 September 25, 2012
Abstract:

The basic aim of this study is to construct a relatively simple chaotic general economic equilibrium growth model that is capable of generating stable equilibrium, cycles, or chaos. An important example of general economic equilibrium is provided by monopolies. A key hypothesis of this study is based on the idea that the coefficient π = b mRS/m (α-1) (1+1/e) mRT plays a crucial role in explaining local stability of the general equilibrium output, where, b: The coefficient of the quadratic marginal-cost function, m: The coefficient of the inverse demand function, mRS: The marginal rate of substitution, mRT: Marginal rate of transformation, α: The coefficient of the monopoly price growth, e: The coefficient of the price elasticity of demand.
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  Cite this Reference:
Vesna D. Jablanovic, 2012. The Chaotic General Economic Equilibrium Model and Monopoly.  Asian Journal of Business Management, 4(4): 373-375.
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ISSN (Online):  2041-8752
ISSN (Print):   2041-8744
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