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Two-period model with perfect substitutes
1. Draw the budget constraint with Y1 = 100, Y2 = 120, and r = 0.2.
2. Draw the indifference curves for the preference that is represented by the lifetime utility function U = C1 + βC2, where β = 0.5. Do it for various levels of lifetime utility, such as 100, 150, and 200.
3. Using the budget constraint and the indifference curves, determine the optimal values of C1 and C2. Does the household have positive consumption in both of the periods or only in one of the two periods? Explain the result.
4. How does the result change when we change the value of β to 1? Explain the result.
Choose two countries one with a high GDP per capita and one with a low GDP per capita. Then choose one of the development indicators we discussed in class and find data on the internet describing the GDP per capita and the indicator you choose.
ECO 210 Northern Virginia Community College observation that a well-intended government policy leads to a negative unintended consequences
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Define what is The pattern of behavior that occurs when consumers react to a change in price of the product by buying a substitute product that offers a better relative value.
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