A consumer has a utility function given by u(w) = lnw , where w denotes income. He
is offered the opportunity to bet on the flip of a coin that has a probability π of
coming up heads. If he bets $x, he will have w + x if head comes up and w − x if
tails comes up.
Solve for the optimal x that maximizes the person's expected utility.
A consumer has a utility function given by u(w) = lnw , where w denotes income. He
is offered the opportunity to bet on the flip of a coin that has a probability π of
coming up heads. If he bets $x, he will have w + x if head comes up and w − x if
tails comes up.
Will the person accept a sufficiently small bet if he is offered favorable odds?
Find a person's lifetime budget constraint.
In long-run equilibrium, what are the market price, industry output, the number of
firms, and the profit of each firm?
In perfectly competitive industries, economic theory predicts there cannot be
relatively large incomes earned in the long run. True, false, or uncertain. Explain
your answer.
What is the connection between the Phillips curve and the aggregate supply curve?
Explain why the modern theories of the two curves are consistent.
No one is really certain about the level of the natural rate of unemployment in the
economy at any moment. Suppose that the fiscal and monetary authorities
underestimated the natural rate and pursued policies that would be appropriate for
combating cyclical unemployment. What would happen in the short and long run?
Check that the slopes of the IS and LM curves have the expected signs.
Derive mathematically the effects on equilibrium output and interest rate of an
increase in the supply of money by open market operations.
Under what conditions will money be neutral, i.e., money supply changes have no
effect on equilibrium output? Explain the economic implications.
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