Using the method followed in Example 17, express the greatest common divisor of each of these pairs of integers as a linear combination of these integers.a) 9, 11________________b) 33, 44________________c) 35, 78________________d) 21, 55________________e) 101, 203________________f) 124, 323________________g) 2002, 2339________________h) 3457, 4669________________i) 10001, 13422

Real Wage wage rate divided by the price level Real Income Income divided by the price level Why nominal vs. real is important Wages: Gives the cost of living o This is what actually matters (can change wages to living wages) Cost of inflation Expected o Menu costs changing prices on a menu o Shoe leather costs running to and from the bank to avoid inflation o Inconveniences Unexpected o Borrowers win, lenders lose Real interest rate Nominal interest rate – inflation r = i – π o As long as those numbers aren’t too big. o REMARK They are observable for both ex ante (before) and ex post (after) the fact REAL INTEREST RATES are only observable ex post. THE NEXT CLASS WAS THE MIDTERM 1