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PLEASE GO QUICK ILL GIVE YOU A SUPER GOOD REVIEW Given the CobwebModel: qdt=10p t +200 qst=5p t-1 10 and assuming qdt=qst , p 0

PLEASE GO QUICK ILL GIVE YOU A SUPER GOOD REVIEW

Given the CobwebModel:

qdt=10pt+200

qst=5pt-110

and assuming qdt=qst , p0=4

a) Write the difference equation and find p1,p2,qs1,qs2.

b) Solve the difference equation.

c) Is the modelstable? Ifyes, find the equilibrium price and quantity.

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