Clear all your basics of Competitive Equilibrium with Competitive Equilibrium Assignment Help
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The core of Competitive Equilibrium
Competitive Equilibrium is a state where suppliers are supplying products in the market, but consumers are asking for the same products. That means, there is an increase in demand and this parameter helps to identify the production cost. This result in increasing the equilibrium price that helps to balance the supplied quantity with demanded quantity.
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Formulae to understand it better
Mathematical explanation of the competitive equilibrium with an example is mentioned below:
Qd(p) = 100-4p
And the collective supply:
Qs() = 10=5p*
So, the competitive equilibrium rate p*
Qd(p*) = qs(p*), or 100-4p* = 10+5p*
Rate p=9. So the quantity of competitive equilibrium refers to as
Qd(p*)=Qs(p*) = 55
If A has more number of kiwis and B has more number of apples. So this indifference between the curves makes it fall in the condition of non-equilibrium.
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How to detect the presence of competitive equilibrium?
There are two ways by which you can detect the presence of competitive equilibrium.
- One of them is Divisible Resources:
Apart from certain economic expectations, cost is needed to be set so that collective supplies will balance the collective demands.
- The second is indivisible items:
Indivisible items refer to a situation, where production cost increases predicting the demand, but the demand remains the same.
So, to find the presence of competitive equilibrium in the market, there is simple logic. When the condition is full of indivisible products and utility function of the sellers is a gross substitute, there can be a possibility of competitive equilibrium.
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What is a recursive competitive equilibrium?
Recursive competitive equilibrium is a concept that helps to form the rules covering functions of costing and pricing. Moreover, it also identifies major economic issues in a market or country. Some of them are:
- Business cycle fluctuations
- Fiscal policy
- Monetary policies
- Trade related issues
- Fluctuation in the business cycle and much more
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