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In a two-date, one-period economy, if I act optimally 0 / 1 point I should maximize total consumption over the two dates I should maximize
In a two-date, one-period economy, if I act optimally 0 / 1 point I should maximize total consumption over the two dates I should maximize total utility over the two dates I should maximize the present and future discounted consumption I should maximize the present and future discounted utility
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Microeconomics Theory and Applications
Authors: Edgar K. Browning, Mark A. Zupan
12th edition
9781118920060, 1118758870, 1118920066, 978-1118758878
