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. 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.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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2. In the following market model, p is price, qº is quantity demanded and qs is quantity supplied: 9=3-2p. and 9³ = -1 + 4p. Suppose that the market does not clear instantaneously, but that price increases when there is excess demand and decreases when there is excess supply: p = ½ (9² - 9³), where p (b) Write out a first-order differential equation of p.
Transcribed Image Text:2. In the following market model, p is price, qº is quantity demanded and qs is quantity supplied: 9=3-2p. and 9³ = -1 + 4p. Suppose that the market does not clear instantaneously, but that price increases when there is excess demand and decreases when there is excess supply: p = ½ (9² - 9³), where p (b) Write out a first-order differential equation of p.
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