A two-phase model of dynamical behavior of magnetic liquid influenced by co
nstant magnetic field is considered. The model takes into account mutual in
teraction of clusters giving skeleton's stiffness and interaction of cluste
rs with free liquid producing attenuation and dispersion of waves for trans
versally isotropic system. Rotational degrees of freedom are disregarded. P
redictions of the model are discussed for variable amount of clusters and c
ompared with experimental data for different magnetic fields.