A bipropellant stability model is presented in which feed system inertance and capacitance are treated along with injection pressure drop and distinctly different propellant time lags. The model is essentially an extension of Crocco's and Cheng's monopropellant model to the bipropellant case assuming that the feed system inertance and capacitance along with the resistance are located at the injector. The neutral stability boundaries are computed in terms of these parameters to demonstrate the interaction among them.