1. A bag contains 8 red balls and 5 white balls. two successive draws of 3 balls are made without replacement. Find the probability that the first drawing will give 3 white balls and the second 3 red balls.
2. Given the demand and supply for cobweb model as :
Qst = -3+4Pt-1
Find the intertemporal equilibrium price and determine whether the equilibrium is stable.