(iii) Estimate the equilibrium price and quantity in this model.

(iii) Suppose the market is in equilibrium and the current price is $1.50. What is the predicted price? $1.59

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Question: Consider a model of market equilibrium in which the current supply of firms is a function of the price that is expected to prevail when the product is sold. Assume that the market supply equation is

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(i) Derive the linear second-order differential equation implied by this model. First, we can substitute the equation for

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April 6, 2023, 7:36 a.m.

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Published: Thursday, April 6, 2023

(iii) Suppose the market is in equilibrium and the current price is $1.50. What is the predicted price? $1.59

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