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(b) Write out a first-order differential equation of p. Bartleby Expert Solution for (b): Answer: The first-order differential equation of p is: dp dt P=2-3p

(b) Write out a first-order differential equation of p. Bartleby Expert Solution for (b): Answer: The first-order differential equation of p is: dp dt P=2-3p

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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Please, See Attached Bartleby Expert Solution for (b) to Answer the Current Attached Question (c).  Thank you! 

2. In the following market model, p is price, q is quantity demanded and qs is quantity supplied: q=3-2p, and q² = −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=(9²-9³), where p (c) Solve (b) and find the time path of price. The initial price is given, p (0) = po.
Transcribed Image Text:2. In the following market model, p is price, q is quantity demanded and qs is quantity supplied: q=3-2p, and q² = −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=(9²-9³), where p (c) Solve (b) and find the time path of price. The initial price is given, p (0) = po.
Original Question for (b) (b) Write out a first-order differential equation of p. Bartleby Expert Solution for (b): Answer: The first-order differential equation of p is: dp dt = 2-3p
Transcribed Image Text:Original Question for (b) (b) Write out a first-order differential equation of p. Bartleby Expert Solution for (b): Answer: The first-order differential equation of p is: dp dt = 2-3p
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