Question: 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
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
