ECONOMICS W/CONNECT+20 >C<
20th Edition
ISBN: 9781259714993
Author: McConnell
Publisher: MCG CUSTOM
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Chapter 26, Problem 1P
To determine
The annual growth rates of real GDP .
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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).
not use ai please don't
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