The following information was submitted:
Transactions: WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS
Transactions ID Number: 89-780
Full Name: Codruta Cornelia Dura
Position: Associate Professor
Age: ON
Sex: Female
Address: University Street, No 20, 332006, Petrosani, Hunedoara
Country: ROMANIA
Tel: 0040722363536
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E-mail address: codrutadura@yahoo.com
Other E-mails: codrutadura@gmail.com
Title of the Paper: Optimal minmax analysis of the market equilibrium by generalizing Cobweb and Laffer models
Authors as they appear in the Paper: Codruta Cornelia Dura, Ilie Mitran, Imola Driga
Email addresses of all the authors: codrutadura@yahoo.com, iliemitran@gmail.com, imola.driga@gmail.com
Number of paper pages: 10
Abstract: Equilibrium can be described as an ideal market situation, in which the interests of economic agents are best served, and the resources are allocated and used based on certain criteria and at a normal level of efficiency for every stage. Market equilibrium is derived from a problem specific to non-cooperative game theory with zero-sum and two players. In order to analyze market equilibrium, the main issue is to determine the equilibrium price in different situations: knowing the functions of supply and demand, knowing the elasticity of these functions, taking into account the existence of income tax etc. The results presented in this paper are broad and dwell on the well-known results for Cobweb and Laffer models. An important advantage of these findings is that they are convenient in terms of calculations and they have interesting economic interpretations.
Keywords: equilibrium price, supply-demand relation, the elasticity of the supply function, the elasticity of the demand function, the equation of price dynamics, the dynamic index of prices.
EXTENSION of the file: .doc
Special (Invited) Session: About an optimum model of market equilibrium
Organizer of the Session: 633-294
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