Midterm Exam I: Answer Sheet

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C 1
A
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C 0
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C 1
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B
A
C 0
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C 1
1+ $r
C
C 0
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0 β
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PG
P
⎛ PG
⎞
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PG
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h
⎜
⎝ P
0 ,
y ⎞
y ⎟
f ⎠
shift due to gold
discovery
⎛
h
P G
⎜
⎝ P
1 ,
y ⎞
y ⎟
f ⎠
⎛ PG
⎞
⎜ ⎟
⎝ P ⎠
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