Write the dynamic state equations for the situation

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Reference no: EM131466641

Question: Labor-Management Negotiations. Consider a wage dispute between labor and management. At each stage of the negotiations, labor representatives submit a wage demand to management that, in tum, presents a counter offer. Since the wage offer will be usually less than the wage demand, further negotiations are required. One can formulate this situation as a dynamic system, where at each period management "updates" its previous offer by the addition of some fraction Ct of the difference between last period's demand and offer. Labor also "updates" its previous demand by the subtraction of some fraction β of the difference between the demand and offer of the last period. Let X1 equal the management offer and X2 equal the labor demand. Write the dynamic state equations (in matrix form) for the situation described above.

Reference no: EM131466641

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