Imagine an economy in which individuals are endowed with y units of the consumption good when young and nothing when old. The fiat money stock is constant. The population grows at rate n. In each period, the government taxes each young person t goods, such that the endowment net of taxes is (y-t). We assume that the tax is not very large. The proceeds from the tax are then distributed equally among the old who are alive that period. Required:
a. Write down the first- and second-period budget constraints facing a typical individual at time t.
b. Find the rate of return on fiat money in a stationary monetary equilibrium.
c. Docs the monetary equilibrium maximize the utility of future generations?

Accounting! will give five star the bixby co. had the following transactions involving the purchase of merchandise. prepare the necessary general journal entries. any applicable freight costs are prepaid by the seller. the perpetual inventory method is in use. june 16 purchased merchandise having a price of 6,000 from the shelby manufacturing co. on account with credit terms 2/10, n/30. transportation terms fob destination. june 16 purchased merchandise having a price of 9,000 from the ajax supply house on account with credit terms 2/10, n/30. transportation terms fob shipping point. the freight costs were 175. june 17 received the goods from shelby june 17 received the goods from ajax june 20 returned for credit merchandise with an invoice price of 800 to ajax june 25 paid shelby the amount owed june 28 paid ajax the amount owed june 30 returned for cash, merchandise with an invoice price of 400 to shelby questions: prepare the necessary general journal entry for june 16, purchased merchandise having a price of 6000 from shelby manufacturing co prepare the necessary general journal entry for june 17, received goods from shelby merchandise inventory 6000 prepare the necessary general journal entry for june 25 prepare the necessary general journal entry for june 28