2. Consider the system dP P(1000/Q – P) dt OP Q(20P – Q), dt where P is the price of a single item on the market and Q is the quantity of the item available on the market. Find the equilibrium points...


2. Consider the system<br>dP<br>P(1000/Q – P)<br>dt<br>OP<br>Q(20P – Q),<br>dt<br>where P is the price of a single item on the market and Q is the quantity of the item available<br>on the market. Find the equilibrium points of this system.<br>(a) Classify each equilibrium point with respect to its stability, if possible. If a point cannot<br>be readily classified, explain why.<br>(b) Perform a graphical stability analysis to determine what will happen to the levels of P<br>and Q as time increases.<br>

Extracted text: 2. Consider the system dP P(1000/Q – P) dt OP Q(20P – Q), dt where P is the price of a single item on the market and Q is the quantity of the item available on the market. Find the equilibrium points of this system. (a) Classify each equilibrium point with respect to its stability, if possible. If a point cannot be readily classified, explain why. (b) Perform a graphical stability analysis to determine what will happen to the levels of P and Q as time increases.

Jun 05, 2022
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