Market Equilibrium in the Marshallian Sense | Microeconomics
In this article we will discuss about the market equilibrium in the Marshallian sense. Suppose, the demand and supply functions for a commodity are: qd = φ(pd) (4.18) and qs = Ψ(ps) (4.19) where pd and ps denote the demand price and supply price, respectively. It can be called the inverse of the demand and supply functions (4.18) and (4.19) [...]