Solution-Sketch solutions for various different initial

Sketch solutions for various different initial prices

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Reference no: EM131611075

Question: An item is initially sold at a price of $p per unit. Over time, market forces push the price toward the equilibrium price, $p∗, at which supply balances demand. The Evans Price Adjustment model says that the rate of change in the market price, $p, is proportional to the difference between the market price and the equilibrium price.

(a) Write a differential equation for p as a function of t.

(b) Solve for p.

(d) What happens to p as t → ∞?

Reference no: EM131611075

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Sketch solutions for various different initial prices

Reference no: EM131611075

Reference no: EM131611075

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