Operating point — the series
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A bias point is a solution, not a choice
The phrase "the diode drops 0.7 volts" is a constant standing in for the root of a transcendental equation. Solved properly, from a five-volt supply through a kilohm, it drops 0.692544 V — and from forty-eight volts through the same kilohm it drops 0.754459 V, because the drop moves about sixty millivolts for every decade of current through it.
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The bias the gain does not set
A transistor's current gain varies tenfold across the parts one type number covers, and a bias network is judged by how little of that reaches the collector current. One resistor from the supply to the base passes all of it — 0.61 mA at β = 50, 1.16 at 100, and saturation from 200. The four-resistor network passes 98.5 per cent of a tenfold change with a 100 kΩ divider, 17.3 with 10 kΩ and 3.4 with 1 kΩ, and never less than the 1.78 per cent the ratio β/(β + 1) keeps however stiff the divider. Each tenfold cut in that spread costs a tenfold rise in the divider's standing current, so the design is a point on a hyperbola rather than a rule.
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The circuit with three bias points
Two transistors, each biased from the other's collector, have three operating points: one collector at 0.061 V and the other at 4.615, the same the other way round, and both at 1.702. All three solve the circuit to a part in 10⁹, and Newton started from nought — where a simulator starts — finds the symmetric one, which is the one the circuit can never sit at: its Jacobian determinant is negative, so any positive capacitance at the nodes makes it run. Weaken the coupling past 56.6 kΩ and the three merge into one, the loop gain around the symmetric point having fallen through one. Which answer a solver returns depends on where it begins, and from 1,681 starting guesses at 10 kΩ, 437 return the one that is not a state.
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The bias point that heats itself
A transistor driven from a stiff base voltage to carry 100 mA from 15 V dissipates 1.5 W, and every kelvin that heats it raises the current it carries. On a 4 K/W heat sink the heat balance has two solutions — 311.7 K, which holds, and 332.5 K, which runs away — and above 4.43 K/W it has none. A tenth of an ohm in the emitter moves that edge to 7.69 K/W, and from a quarter of an ohm there is no edge below 520 K at all. The designer's estimate from the loop gain at room temperature puts the edge at 11.04 K/W, two and a half times too high, because the loop gain grows as the part warms.