Question a price of 65 per tonne is currently being quoted, Ask an Expert

Economics

Question: A price of $65 per tonne is currently being quoted for a mineral traded in a competitive commodity market where Qd = 243-3.5P and Qs = -7.8+2.2P.

This price adjusts in proportion to excess demand at the rate

dP = 0.16(Q_d - Q_s)
dt

What is your forecast for price when t is 8?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92291183

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