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Becky has income of $1000 today and $500 tomorrow. Becky can lend and borrow at an interest rate of 10%. There is 5% ináation. Her preferences for intertemporal consumption are represented by the following utility function u(c1; c2) = minfc1; 2c2g
(a) What is her optimal consumption bundle?
(b) If interest rates increase to 20%, write down her new intertemporal budget constraint and graphically demonstrate the change to her intertemporal budget constraint and label any changes to the intercepts.
(c) How does this change e§ect her welfare? Explain.
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Julie orally agrees to assume Carlyle's debt to FunGames, Inc. Julie gets a substantial personal benefit from the agreement¾ Carlyle agrees to work for Julie's landscaping service for six months. Julie's oral assumption of the debt is enforceable by...
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The short run for a company is
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