Economics · Cobweb Model
The demand and supply functions for the cobweb model are: Qtd = 19 - 6Pt and Qts = 6Pt-1 - 5. The intertemporal equilibrium price and the nature of the equilibrium are:
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- 1P* = 2; oscillations are convergent
- 2P* = 2; oscillations are uniform (neither diverge nor converge)✓
- 3P* = 2; oscillations are divergent
- 4P* = 3; oscillations are convergent
Correct answer
P* = 2; oscillations are uniform (neither diverge nor converge)
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