 Solution

Put $F(N)=f(N,1/2)$. A cobweb plot alternates a vertical move to the function graph $y=F(N)$ with a horizontal move to the diagonal $y=N$. Beginning at $N_0=3/2$, the first iterates areThe diagram shows the ensuing approach to $1/2$ with alternating deviations. More precisely, if $e_t=N_t-1/2$, Taylor expansion at the fixed point givesFor sufficiently small nonzero deviations the sign reverses each step and their magnitudes contract. The local approach is an alternating, geometrically damped oscillation, with asymptotic contraction factor $3/4$ per iterate.