The demand and supply functions in a competitive market are Qa=280-4P and Q, = -35+8P and price is currently 19. When not at equilibrium the rate of adjustment of price is 0.08(Qa-Qs) Obtain the time path, P(t)? Does this market have a dynamically stable intertemporal equilibrium price? b) Use the solution you obtained in (a) to explain how close price will be to its equilibrium value after seven time periods. a) dP dt

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