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Gauge Theory of Economics: Difference between revisions
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where we label the first term as Reference Basket and the second one as Barter. | where we label the first term as Reference Basket and the second one as Barter. | ||
Suppose that we live in a world where there are only 3 different types of items for sale: apples, berries and cherries (A, B and C respectively.) Say today we pick up our basket and go to the market. At the market, the price of each item is posted up as a number on the wall where we can see. So, we represent the prices by a $${1}\times{3}$$ row vector $$p$$. On the other hand, we buy different quantities of each item and so a $${3}\times{1}$$ column vector $$q$$ denotes the list of 3 quantities for items A, B and C. | |||
== Supplemental materials == | == Supplemental materials == | ||