Local analysis ◆ Market clearing ◆ i's Demand function if p<o(o) x (p) x01 jfp≥g( x(P)=<0p<q(0) d"(x)Local analysis Market clearing i’s Demand function 1 1 I J i j i j x q   = =  = 1 ( ) (0) ( ) 0 (0) i i i i i x if p x p if p     −     =      1 ( ) <0 (0) ( ) i i i i x p if p x     =  