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In an equilibrium market, let the price, supply and demand of a certain product on day t be respectively, denoted as Pt, St and D,
In an equilibrium market, let the price, supply and demand of a certain product on day t be respectively, denoted as Pt, St and D, for t = 0,1,2, .... The supply on day t +1 depends on the one-day lagged price Pt given by St+1 = 2P+ - 10, t = 0,1,2,.... However, the demand on dayt +1 depends on the current price Pt+1 given by D++1 = -3P++1 +80, t=0,1,2, .... The market is always in equilibrium in the sense that St+1 = D++1, for t = 0, 1, 2, .... The initial price is Po = 6. What is the minimum number of waiting days, which is denoted as To, such that St - 1 T,? In an equilibrium market, let the price, supply and demand of a certain product on day t be respectively, denoted as Pt, St and D, for t = 0,1,2, .... The supply on day t +1 depends on the one-day lagged price Pt given by St+1 = 2P+ - 10, t = 0,1,2,.... However, the demand on dayt +1 depends on the current price Pt+1 given by D++1 = -3P++1 +80, t=0,1,2, .... The market is always in equilibrium in the sense that St+1 = D++1, for t = 0, 1, 2, .... The initial price is Po = 6. What is the minimum number of waiting days, which is denoted as To, such that St - 1 T
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