Millionaire Mode

Differential Equations in Economics

Question 1 of 14

In a simple economic model, the demand for a product is given by the differential equation (\frac{dQ}{dt} = -aQ + bP), where (Q) is the quantity demanded, (P) is the price, (a) and (b) are positive constants. What is the equilibrium price?

  1. $\frac{b}{a}$
  2. $\frac{a}{b}$
  3. $\frac{a+b}{2}$
  4. $\frac{a-b}{2}$

Prize Money

15₹7 Crores
14₹1 Crore
13₹50,00,000
12₹25,00,000
11₹12,50,000
10₹6,40,000
9₹3,20,000
8₹1,60,000
7₹80,000
6₹40,000
5₹20,000
4₹10,000
3₹5,000
2₹2,000
1₹1,000