Assume That the Rate of Change of the Unit Price

question 42

Short Answer

Assume that the rate of change of the unit price of a commodity is proportional to the difference between the demand and the supply so that ​ where k is a constant of proportionality. Suppose that D=74-5p, S=2+3p, and p(0)=2. Find a formula for p(t).

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Definitions:

Partners

The owners of a partnership.

Respondeat Superior

A legal doctrine that holds an employer or principal legally responsible for the wrongful acts of an employee or agent, performed within the scope of their employment or agency.

Agency Law

A legal principle that governs the relationship between a principal and their agent, including the agent's authority to act on behalf of the principal and the principal's responsibility for the agent's actions.

Partnership Liability

Legal obligations that may be incurred by a partnership, including debts and damages, for which the partners may be personally responsible.