Revisiting the geometry of the demand and supply functions

Description

This book attempts to revisit the geometry of the demand and supply functions in economic analysis, taking mathematical requirements into account. Leaning on the fundamental principles that guide the theory of demand and supply, the book uses the analytical approach of data analysis to address the objectives of the investigation. Results of the investigation indicate that whether expressed in the standard mathematical form (quantity-price relation) or casual mathematical form (price-quantity relation), the demand and supply functions obey the laws of demand and supply. Yet it is observed that the law of supply is not fully satisfied for all chosen values of the explanatory variable (quantity) when the demand and supply functions are expressed in the casual mathematical form (price-quantity relation), hence the violation of the guiding principles of scientific or objective inquiries and the partial applicability of the law of supply.