The price elasticity of demand E(q) for a given product equals 3p2/p2 + 4 where E(q) = p/q q′. Show that p dq/ q dp = 3p2/p2 + 4. Hence solve for q.

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Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differential equations.