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Cobweb model numerical example market has a demand and


Cobweb model: Numerical example

Market has a Demand and Supply Functions.

Dx=150-3Px                                             Dx= Demand of time x

Sx=-50+2Px-1                                          Fx= Supply of time x

Po=48 H[previous year initial price]         Px= 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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