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(7)INFLATION SLOPE OF BUDGET LINE (8)(9)ENDOWMENT WITH HIGHER PRESENT VALUE IS PREFERRED (10)TIME 1 TIME 2 PRESENT VALUE = PRESENT VALUE

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(1)

INTERTEMPORAL CHOICE

PHYSICAL ENDOWMENT

: CONSUMPTION CANNOT BE TRANSFERED FROM THE FUTURE TO THE PRESENT

(2)
(3)
(4)
(5)

WE CANNOT SAY IN GENERAL IF THE CONSUMER WILL OR WILL NOT LEND MORE AT r ' THAN AT r THIS IS BECAUSE THE CONSUMER HAS POSITIVE NET SUPPLY OF GOOD 1 AT r

(6)

WE CAN SAY THATTHE CONSUMER WILL BORROW MORE AT r ' THAN AT r BECAUSE THE CONSUMER HAS POSITIVE NET DEMAND OF GOOD 1 AT r

SLOPE - (1 + r ' )

(7)

INFLATION

SLOPE OF BUDGET LINE

(8)
(9)

ENDOWMENT WITH HIGHER PRESENT VALUE IS PREFERRED

(10)

TIME 1

TIME 2

PRESENT VALUE = PRESENT VALUE =

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