Question: Solve the following Walrasian model using the Euler method: p_ N_ kb ks g 0 p N

Solve the following Walrasian model using the Euler method:  p_ N_  ¼  kb ks g 0  p N  þ  ka gc  : with k ¼ 5; a ¼ 2; b ¼ 0:65; g ¼ 1; s ¼ 0:50; c ¼ 2 Study the discriminant of: l1; l2 ¼ kb 2  1 2 ffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi ðkbÞ 2  4ðgksÞ q and assess whether the steady state is a stable focus or stable node. Draw the phase diagram and isoclines.

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