Even though they enter graduate school at roughly the same age, law students typically own nicer cars
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Even though they enter graduate school at roughly the same age, law students typically own nicer cars than do Ph.D. students. Assuming that there is no difference across the two groups in terms of preferences and current incomes, explain this phenomenon. Rely on the intertemporal choice model developed in Section 5.5 for your explanation.
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Differences in expected future incomes likely account for the phenomenon ...View the full answer
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Related Book For
Microeconomics Theory and Applications
ISBN: 978-1118758878
12th edition
Authors: Edgar K. Browning, Mark A. Zupan
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