Question: Write down the first-order conditions of the agent's decision problem and define acompetitive equilibrium. c) Consider a steady state with constant real money balances. What

Write down the first-order conditions of the agent's decision problem and define acompetitive equilibrium. c) Consider a steady state with constant real money balances. What is the rate of inflationin the steady state? What is the rate of consumption growth faced by an individualover her lifetime

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5. It is the needs of the individual that are important.

6. It is what the person has previously done for the group that is the deciding factor.