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Ophelia says,' if i could lend money at the rates i must pay to brrow, i would. And if i could borrow money at the rates i receive when i lend, i would again. But forsooth, alothought i spend, i neither borrow nor lend.' - Essay Example

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And if I could borrow money at the rates I receive when I lend, I would again. But forsooth, although I spend, I neither borrow nor lend.
A graph which depicts the different bundles of goods…
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Ophelia says, if i could lend money at the rates i must pay to brrow, i would. And if i could borrow money at the rates i receive when i lend, i would again. But forsooth, alothought i spend, i neither borrow nor lend.
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Ophelia says,' if i could lend money at the rates i must pay to brrow, i would. And if i could borrow money at the rates i receive when i lend, i would again. But forsooth, alothought i spend, i neither borrow nor lend.'

Download file to see previous pages... Indifference curves are used to represent the potential patterns in demand conditions for the bundles of goods of the individual consumers. The study concerning the relative value to two or more payoffs over different periods of time but assigned by the consumers is regarded as intertemporal choice. In the model it is assumed that the consumer lives for two periods. The consumption in the first and second period is denoted by c1 and c2 respectively. The income levels in the same periods are denoted by y1 and y2 respectively and both are greater than zero. The households have the potential to save some portion of his income in the first period or borrow against the future income. The savings and the interest rates on savings or the loan is denoted by s and r respectively. Therefore the budget constraint in the first period is c1+s=y1+A, while the budget constraint in the second period is denoted by c2=y2 + (1+r) s. A represents the initial wealth.
The following discussion shows the comparative statics after a change in the rates of interest. There are two types of effects namely the income effect and the substitution effects. According to income effect, in the case of a saver, the income rises due to the rise in the rate of interest for a certain amount of savings. Therefore the amount of consumption rises in both periods. But for a borrower the income effect is negative for consumption in both periods. According to substitution effect the gross rate of interest (1+r) is relative to the consumption price in the first period to consumption in the next period. Therefore consumption in the first period becomes more expensive relative to that of next period. So, consumption in next period increases while consumption in the initial period decreases. It can be deduced that an increase in the rate of interest for a saver increases the consumption in the next period and may increase or decrease the amount of ...Download file to see next pagesRead More
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