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On Approximate Analytic Techniques For The Construction And Analysis Of Solutions Of Mathematical Models

Author

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  • M.O. Aibinu

    (Institute for Systems Science, Durban University of Technology, South Africa
    National Institute for Theoretical and Computational Sciences (NITheCS), South Africa)

  • S. Moyo

    (Department of Applied Mathematics and School for Data Science and Computational Thinking, Stellenbosch University, South Africa
    National Institute for Theoretical and Computational Sciences (NITheCS), South Africa)

Abstract

The study presents how to obtain the solutions of the n^th-order ordinary differential equations with varying delay proportional to the independent variable, where n belongs to the set of natural number, ℕ. These are equations that are often used in Mathematics to characterize real life problems such as optimizing profits, minimizing costs, and improving individuals’ health. Economic models can help to understand and predict the economic behaviours of different countries. The results of this study are applied to certain economic models. Under the assumption that the market is in equilibrium, the study considers price adjustment models and proposes an adjustment model by introducing a proportional delay into the formulation, which improves the suitability of the models. The study displays the solutions of the models by using Matlab to present their graphs and compare them.

Suggested Citation

  • M.O. Aibinu & S. Moyo, 2023. "On Approximate Analytic Techniques For The Construction And Analysis Of Solutions Of Mathematical Models," Matrix Science Mathematic (MSMK), Zibeline International Publishing, vol. 7(1), pages 58-62, November.
    • Handle: RePEc:zib:zbmsmk:v:7:y:2023:i:1:p:58-62
    DOI: 10.26480/msmk.01.2023.58.62
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    References listed on IDEAS

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    1. Cohen-Vernik, Dinah & Pazgal, Amit, 2017. "Price Adjustment Policy with Partial Refunds," Journal of Retailing, Elsevier, vol. 93(4), pages 507-526.
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