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Question: If the demand and supply functions in a competitive market are
Qd = 35 - 0.5P and Qs = -4 + 0.8P
and the rate of adjustment of price when the market is out of equilibrium is
dP = 0.25(Qd - Qs)dt
derive and solve the relevant differential equation to get a function for P in terms of t given that price is 37 in time period 0. Comment on the stability of this market.
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