Consider the supply and demand equations Q St = 0.4P t1 12 Q Dt = 0.8P
Question:
Consider the supply and demand equations
QSt = 0.4Pt−1 − 12
QDt = −0.8Pt + 60
Assuming that equilibrium conditions prevail, find an expression for Pt when P0 = 70. Is the system stable or unstable?
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In equilibrium 04P112 08P 60 08P 04Pt1...View the full answer
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