Kinetic exchange models of markets

Kinetic exchange models of markets are mathematical models used by economists to better understand how people act in markets. They look at things like how much people are willing to pay for a product, how quickly prices change, and how different types of people respond to prices in different ways. It is like creating a map of a market, showing all the different things that can happen and how they influence each other. This helps economists figure out how markets should work in real life.