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The following equations describe an economy. Y = C + I + G. C = 120 + 0.5(Y - T ). I = 100 - 10r. G = 50. T = 40. (M/P)= Y - 20r. M= 600. P = 2. a. Derive the equations for IS and LM curves. b. Find the equilibrium level of income and the equilibrium interest rate. c. Suppose government expenditure increases by 50%. Find the equilibrium interest rate and income. d. After the government fiscal policy action described in c., what action can the Fed take to mitigate an interest rate hike? Depict this on the IS-LM graph. What variable can the Fed change and by how much? Compute the equilibrium income and interest rate when the Fed responds to the fiscal policy action in c.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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