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Mathematical investigations in the theory of value and prices / by Irving Fisher
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62

Irving Fisher ^-Mathematical investigations

d UdA^ :c?U

dA w.*

dM ni , ' dA ti ,dTJ dTJdA t $

dXJ

dTJ

dTJdA K , s

d\J

1 dM K , \ -

_

n(Zm1)independ-ent equa-tions.

r

«!U

dTJ -tfU

dTJ

dTJ

dTJ ~

no new

un-

dK,a

"dM ni' dA"

' dA *,«"

"rfM.,.-

knowns.

Pa,

-Pm, Pa

* Pal, t

Pa, k' '

: - Pm, K

Pa, + Pa

P«,*+ Pm,

[

e = Pm, a

m equations.

no new unknowns.

No. equations : 2w* -\-(n l)-\-Zmn+n(Zm \)-\-m=.Q>mn-\-Zm 1.No. unknowns: Zmn-\-Zm -\-Zmn-\-0 -)-() =6mn-j-3m.

The second set apparently contains n equations instead of n 1as above recorded. But, by multiplication of the first line of thefirst set, we have :

( A w ,i+ + A TT,n) Pa, n ( A «,> + + A K ,n) Pa.rr

( A «,l + ' + A e,») Pa,a ~ l A *,l + ' +A K ,n)Pa, t

adding and remembering that p iK = Pa,+Pa we get :

A, 1 Pa, v ++ A tt, n Pa, 4" A e, 1 fa, e + + A e , n Pa, e =

A (t. 1 Pa, *+ + A k,« Pa, k

Writing the similar equations from the second, third, etc. lines of thefirst set and adding we get (rearranging terms):

A t, 1 Pa, + + I . p m , 4- A e ,, . />, r + . . + , . p m< c -j-

+ A :r, 2- Pa, * + + !/>»,+ .-.-. _ _

+ A t,« Pa, +..+ Pm, t

A1 Pa, K + + M.,, . p miK ++ A «, » Pa, K +.

k "4" A «, » Pa, kI" 'H n Pm, K

If from this equation the 'sum of all but one of the second set besubtracted the result will evidently be the remaining one.

We are therefore at liberty to write

Pa, K = 1

to determine a standard of value.