MACROECONOMICS LL\AC 22
21st Edition
ISBN: 9781264344642
Author: McConnell
Publisher: MCG
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Question
Chapter 19, Problem 7DQ
To determine
Rationale for a monetary rule.
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Please give with explanation
not use ai please
and u (C1, C2)
=
1/2
=
f) Derive analytically and show graphically the solution under other util-
ity functions such as u (C1, C2) ac₁+bc2 where a, b > 0, u (C1, C2) = ac₁+bc1/2
acbc2 (assume that the agent is sufficiently rich to
avoid the corner solution). What of these utility functions reflects best your
own preferences (or indicate other utility function that represent your pref-
erences).
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