Weekly Questions 05

Upload a single answersheet (docx/pdf) to Canvas

Question 1: Using the notation we’ve used in class,what is the fundamental source of economic growth in the STANDARD economic model?

Question 2: Growing GDP is better from the perspective of more consumer and producer surplus. Write a short paragraph explaining what this leaves out of the analysis? Are there things that are valuable that aren’t in GDP?

Question 3: Play the game: Utility Maximization Dynamic Game, focusing on Scenario 2 and 3. Describe your strategy for maximizing utility over each of these. How did you decide when to consume versus save? Whoever gets the highest combined score (scenario 2 + 3 utility) gets 5 CP. Paste a screenshot of your final scores to show them in your answer sheet.