(Answered) Cobweb model numerical examplemarket has a demand and

Management Studies

Cobweb model: Numerical example

Market has a Demand and Supply Functions.

D_x=150-3P_x D_x= Demand of time x

S_x=-50+2P_x-1 F_x= Supply of time x

P_o=48 ^H[previous year initial price] P_x= Price @x time.

I) Find the Equilibrium Price and Quantity

ii) Plot the price for the list 10 periods

Use last year price to determine this year

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