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Draw a phase-plane diagram

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Consider an equation of motion of dx/dt=2x(1-x/100)-y where is the stock and y is the control variable (each is a function of time). Each period's objective is given by 10y-(1/20)y^2 and the discount rate is 10%.

-Indicate the (continuous time) Hamiltonian and conditions of the maximum principle.

-Draw a phase-plane diagram including isoclines and directionals for each region.

Reference no: EM132786859

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