Question: For the cobweb model qd t = 24 5pt qs t = 4 + 2pe t pe t = pe t1 pe

For the cobweb model qd t = 24 − 5pt qs t = −4 + 2pe t

pe t = pe t−1 − λ

pe t−1 − pt−1 0 ≤ λ ≤ 1 qd t = qs t = qt using Mathematical or Maple investigate the stability or otherwise of the equilibrium for different values of λ.

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