The law of value - the economic law of commodity production

The law of value is an objective law of the development of commodity production, according to which the production and exchange of goods are carried out in accordance with value, i.e. socially necessary labor costs. It requires the reduction of individual working time to socially necessary, individual value – to social, as well as to […]

Iterative solution of the problem

Problem Statement Let’s assume that in the market of one product, the demand function D(t) and the supply function S(t) are linear functions of the price P(t) at time t or the price P(t-1) of the previous point in time. Demand function: D(t) = α + A* P(t),               […]