Assume the existence of an economy in which production and demand levels are adjusted to meet each other over time via the following differential equations: dP(t)/dt=α(D(t)−P(t))dP(t)/dt=α(D(t)−P(t)) dD(t)/dt=β(P(t)−D(t)).dD(t)/dt=β(P(t)−D(t)). Where P(t)P(t) and D(t)D(t) are the production level and the demand level respectively at time tt. Suppose at t=0t=0 that P(0)=P(0)= 426 and that D(0)=D(0)= 194. If α=α= 0.13 and β=β= 0.78, what would the production and demand levels be as t→∞t→∞? p= D=
Assume the existence of an economy in which production and demand levels are adjusted to meet each other over time via the following differential equations: dP(t)/dt=α(D(t)−P(t))dP(t)/dt=α(D(t)−P(t)) dD(t)/dt=β(P(t)−D(t)).dD(t)/dt=β(P(t)−D(t)). Where P(t)P(t) and D(t)D(t) are the production level and the demand level respectively at time tt. Suppose at t=0t=0 that P(0)=P(0)= 426 and that D(0)=D(0)= 194. If α=α= 0.13 and β=β= 0.78, what would the production and demand levels be as t→∞t→∞? p= D=
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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Assume the existence of an economy in which production and demand levels are adjusted to meet each other over time via the following differential equations:
dP(t)/dt=α(D(t)−P(t))dP(t)/dt=α(D(t)−P(t))
dD(t)/dt=β(P(t)−D(t)).dD(t)/dt=β(P(t)−D(t)).
Where P(t)P(t) and D(t)D(t) are the production level and the demand level respectively at time tt.
Suppose at t=0t=0 that P(0)=P(0)= 426 and that D(0)=D(0)= 194. If α=α= 0.13 and β=β= 0.78, what would the production and demand levels be as t→∞t→∞?
p=
D=
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