The demand and supply functions for two interdependent commodities are given by: Qd1 = 205 − 2.5P1 − P2 Qs1 = 1.5P1 − 30 Qd2 = 147.5 − 0.5P1− 1.5P2 Qs2 =P2 − 60 Determine the equilibrium price and quantity for this two-commodity model.

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Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differential equations.