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Microeconomics Coursework - Essay Example

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(Griffiths & Wall, 1944, p.1) Let us denote the consumption in two periods as c1 and c2 and suppose the prices of consumption in each period are constant…
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Microeconomics Coursework
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Download file to see previous pages There may be two possible cases. The consumer could choose to consume at (m1, m2) which means that he just have his income absorbed fully for the period, or he can decide to have less than his income during the first period. In the second case, the consumer is actually saving a part of his first period consumption for the next period.
Let us now make an assumption that the consumer can borrow or lend money at certain interest rate r. If it is assumed that the consumer first decides to save, he will be consuming less than his income i.e. m1>c1. . So he now saves (m1-c1). Hence the amount that he can consume in the second period is given by
Lets us now assume that the consumer is having the whole of his income of the first period plus he want to have more. So in this case he will have to borrow some amount as m1 ...Download file to see next pagesRead More
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