Question: Suppose n = 2. Show that Vt = 1 is an equilibrium. Sketch a graph and cobweb with c = 1/4. Does the equilibrium seem

Suppose n = 2. Show that Vt = 1 is an equilibrium. Sketch a graph and cobweb with c = 1/4. Does the equilibrium seem to be stable?
Consider the following continuous system that approximates the discontinuous model studied in this chapter.
Vt+1 = cVt + u(Vt)
where

for the following values of n. Find the equilibria and their stability as a function of c, and describe the dynamics.

2 1-c)

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