. In the following market model, p is price, q is quantity demanded and qs is quantity supplied: q=3-2p, and 9³ = -1 + 4p. Suppose that the market does not clear instantaneously, but that price increases wher there is excess demand and decreases when there is excess supply: p = ½ (gº − q³), where p (b) Write out a first-order differential equation of p.

. In the following market model, p is price, q is quantity demanded and qs is quantity supplied: q=3-2p, and 9³ = -1 + 4p. Suppose that the market does not clear instantaneously, but that price increases wher there is excess demand and decreases when there is excess supply: p = ½ (gº − q³), where p (b) Write out a first-order differential equation of p.

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter11: Differential Equations

Section11.CR: Chapter 11 Review

Problem 12CR

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