Beyond the Ceteris Paribus Assumption: Modeling Demand and Supply Assuming Omnia Mobilis

International Journal of Economic Research (IJER), Vol. 5, No. 2, pp. 185-194, 2008

Posted: 24 Oct 2007 Last revised: 30 Dec 2009

See all articles by Mario Arturo Ruiz Estrada

Mario Arturo Ruiz Estrada

University of Malaya (UM) - Faculty of Economics & Administration (FEA)

Su-Fei Yap

University of Malaya - FEA

Shyamala Nagaraj

University of Malaya (UM) - Faculty of Economics & Administration (FEA)

Multiple version iconThere are 2 versions of this paper

Date Written: December 30, 2009

Abstract

This paper is concerned with the application of multi-dimensional graphs in visualizing and modeling total change in a dependent variable in response to changes in any or all of the (many) independent variables affecting it. Previous literature has used the ceteris paribus assumption to obtain total change as a cumulative effect of the effect of the individual parts. The multi-dimensional graph applied to demand and supply shows that under the Omnia Mobilis (everything is moving) assumption, the quantity sold in the market is a joint function of all the independent variables that affect supply and demand.

Keywords: Ceteris paribus, omnia mobilis, demand and supply, multi-dimensional graphs, Econographicology

JEL Classification: B41

Suggested Citation

Ruiz Estrada, Mario Arturo and Yap, Su-Fei and Nagaraj, Shyamala, Beyond the Ceteris Paribus Assumption: Modeling Demand and Supply Assuming Omnia Mobilis (December 30, 2009). International Journal of Economic Research (IJER), Vol. 5, No. 2, pp. 185-194, 2008 . Available at SSRN: https://ssrn.com/abstract=1019941

Mario Arturo Ruiz Estrada (Contact Author)

University of Malaya (UM) - Faculty of Economics & Administration (FEA) ( email )

Kuala Lumpur, 50603
Malaysia
+60126850293 (Phone)

HOME PAGE: http://ssrc.um.edu.my/

Su-Fei Yap

University of Malaya - FEA ( email )

Kuala Lumpur, Wilayah Persekutuan 50603
University of Malaya (UM)
50603 Kuala Lumpur
Malaysia
60 17 342 0171 (Phone)

Shyamala Nagaraj

University of Malaya (UM) - Faculty of Economics & Administration (FEA) ( email )

Jalan Lembah Pantai
Kuala Lumpur, Wilayah Persekutuan 50603
Malaysia
+603 - 7967 3643 (Phone)

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