Consider an economy with a shrinking stock of fiat money. Let Nt= N, a constant, and Mt= zMt−1for every period t, where z is positive and less than The governmenttaxes each old person τ goods in each period, payable in fiat money. It destroys themoney it collects. a. Find and explain the rate of return in a monetary equilibrium.
b. Prove that the monetary equilibrium does not maximize the utility of the futuregenerations. Hint: Follow the steps of the equilibrium with a subsidy, noting that atax is like a negative subsidy.
c. Do the initial old prefer this policy to the policy that maintains a constant stock offiat money? Explain.

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One question from a survey was "how many credit cards do you currently have? " the results of the survey are provided. complete parts (a) through (g) below. click the icon to view the survey results. (a) determine the mean number of credit cards based on the raw data. the mean is 3.113.11 credit cards. (type an integer or a decimal. do not round.) (b) determine the standard deviation number of credit cards based on the raw data. the standard deviation is 1.9111.911 credit cards. (round to three decimal places as needed.) (c) determine a probability distribution for the random variable, x, the number of credit cards issued to an individual. x (# of cards) p(x) x (# of cards) p(x) 1 0.280.28 6 nothing 2 nothing 7 nothing 3 nothing 8 nothing 4 nothing 9 nothing 5 nothing 10 nothing (type integers or decimals. do not round.)

What is a sort of auction for stocks in which traders verbally submit their offers?