Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please explain what does it mean by the marginal rate of time preference ? The if its a positive time preference , does it mean

Please explain what does it mean by the marginal rate of time preference ? The if its a positive time preference , does it mean by the consumer is impatient? if it is a negative , does it mean he is patient? how about when it equals to one? please explain it step by step, thank you!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Managerial Economics

Authors: Mark Hirschey

9th edition

324584830, 978-0324588781, 032458878X, 978-0324584837

More Books

Students also viewed these Economics questions

Question

What affects the success of raising a VC fund?

Answered: 1 week ago

Question

A greater tendency to create winwin situations.

Answered: 1 week ago