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Competitive equilibrium, economic equilibrium when all buyers and sellers are small relative to the market; Economic equilibrium, a condition in economics; Equilibrium price, the price at which quantity supplied equals quantity demanded; General equilibrium theory, a branch of theoretical microeconomics that studies multiple individual markets
The transition from the short-run to the long-run may be done by considering some short-run equilibrium that is also a long-run equilibrium as to supply and demand, then comparing that state against a new short-run and long-run equilibrium state from a change that disturbs equilibrium, say in the sales-tax rate, tracing out the short-run ...
where > 0 is the speed of adjustment parameter and is the time derivative of the price — that is, it denotes how fast and in what direction the price changes. By stability theory , P will converge to its equilibrium value if and only if the derivative d ( d P / d t ) d P {\displaystyle {\frac {d(dP/dt)}{dP}}} is negative.
We will also see similar behaviour in price when there is a change in the supply schedule, occurring through technological changes, or through changes in business costs. An increase in technological usage or know-how or a decrease in costs would have the effect of increasing the quantity supplied at each price, thus reducing the equilibrium price.
Consequently, the object is in a state of static mechanical equilibrium. In classical mechanics, a particle is in mechanical equilibrium if the net force on that particle is zero. [1]: 39 By extension, a physical system made up of many parts is in mechanical equilibrium if the net force on each of its individual parts is zero. [1]: 45–46 [2]
A dynamic model accounts for time-dependent changes in the state of the system, while a static (or steady-state) model calculates the system in equilibrium, and thus is time-invariant. Dynamic models typically are represented by differential equations or difference equations .
[1] General equilibrium analysis, in contrast, begins with tastes, endowments, and technology being fixed, but takes into account feedback effects between the prices and quantities of all goods in the economy. The supply and demand model originated by Alfred Marshall is the paradigmatic example of a partial equilibrium model.
Bifurcation theory is the mathematical study of changes in the qualitative or topological structure of a given family of curves, such as the integral curves of a family of vector fields, and the solutions of a family of differential equations.