Business Mathematics ITU Board 2024
In a competitive market price where Q d = 500 5P and Q s = 40 + 20P , the initial price P(0) is Rs 50. (a) Derive a function for the time path of P and use it to predict price in time period 5 given…
5In a competitive market price where and , the initial price is Rs 50. (a) 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 . (b) How many time periods would you have to wait for the price to drop by Rs. 30?
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