Abstract: This paper is an introduction for solving Delay Differential Equations (DDEs) using market equilibrium. By market we mean the conditions under which producers sell and consumers buy a certain commodity. The term market is used when only one commodity is being bought and sold and the word multimarket is used when more than one commodity is involved. The price, demand and supply of any one good affects the prices etc. of any other goods and vice-versa. DDEs discussed in this paper are linear. The most fundamental
Functional Differential Equations(FDEs) is the linear first order Delay Differential Equations (DDEs). Both DDEs and FDEs are used as modeling tools in models in Economics. We discuss the solution of constant coefficient DDEs by the "Method Of Characteristics" (MOC..............
Keywords:Delay differential equations, Demand function, Equivalent systems, Market equilibrium, Method of characteristics, Method of steps, Stability of the equilibrium, Supply function
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