Economics Dynamics Problems 68

Economics Dynamics Problems 68 - 52 Economic Dynamics...

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52 Economic Dynamics Figure 2.12. 3. An inflexion occurs at the point t = t 0 + 1 ak ln ± a x 0 x 0 ² x = a 2 The logistic curve is shown in fgure 2.12. Example 2.16 Constant elasticity of demand Let a commodity x be related to price p with a constant elasticity oF demand ε , then dx dp p x =− εε> 0 We can rearrange this as x ε p Integrating both sides and adding a constant oF integration, then
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