An economist believes that the price P t of a seasonal commodity in period t satisfies the
Question:
An economist believes that the price Pt of a seasonal commodity in period t satisfies the recurrence relation
where C is a positive constant. Show that
where A and B are complex-conjugate constants. Noting that
explain why the economist is mistaken.
Transcribed Image Text:
P+2=2(P+1 P) + C (t> 0)
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Pt22P1P C Homogeneous equation has solution P whe...View the full answer
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