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Update lectures/cobweb.md
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Co-authored-by: Matt McKay <mmcky@users.noreply.github.com>
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SylviaZhaooo and mmcky authored Jun 30, 2024
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Expand Up @@ -197,7 +197,9 @@ Let's start with naive expectations, which refers to the case where producers ex

In other words,

$$ p_t^e = p_{t-1} $$
$$
p_t^e = p_{t-1}
$$

Using {eq}`price_t`, we then have

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