In a competitive market where qd 560-6p and qs -46287p, Microeconomics

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In a competitive market where qd 560-6p and qs -46287p

Question: In a competitive market where Qd = 560-6P and Qs = -46+28.7P the initial price P0 is £50. Derive a function for the time path of P and use it to predict price in time period 5 given that price adjusts in proportion to excess demand at the rate

dP = 0.01(Q_d - Q_s)
dt

How many time periods would you have to wait for the price to drop by £20?

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Microeconomics: In a competitive market where qd 560-6p and qs -46287p

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Microeconomics: In a competitive market where qd 560-6p and qs -46287p

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