The demand and supply functions in a competitive market are

Question

Question: The demand and supply functions in a competitive market are

Q_d = 280 - 4P  and  Q_s = -35 + 8P

and price is currently 19. When not at equilibrium the rate of adjustment of price is

dP = 0.28(Q_d - Q_s)
dt

Derive and solve the relevant differential equation to get a function for P in terms of t and use the solution to explain how close price will be to its equilibrium value after seven time periods.