Answered step by step
Verified Expert Solution
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started