Unformatted text preview: dp dt − ² α ( b − d ) 1 − α f ³ p = α ( a − c ) 1 − α f with solution p ( t ) = ´ c − a b − d µ + ² p − ´ c − a b − d µ³ e − α ( d − b ) t 1 − α f which satisFes the initial condition p (0) = p . ±or this model there are far more varieties of solution paths, depending on the values of the various parameters. Some typical solution paths are illustrated in Fgure 2.3. We shall discuss the stability of such systems later. Figure 2.3....
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 Fall '11
 Dr.Gwartney
 Economics, Supply And Demand, Economic Dynamics, )dt, qd − qs

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