ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
= Part B: Suppose you are given y₁ > 0, y2 = 0, a₁ 0,r> 0. What would happen to the opportunity set if i) the first period endowment y₁ increases or ii) the market interest rate (r) decreases? You should answer this question by drawing a figure (you can use pen and paper). Be sure to define the intercepts and slope of the opportunity set in each case. Please also answer this question in general terms.
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Transcribed Image Text:= Part B: Suppose you are given y₁ > 0, y2 = 0, a₁ 0,r> 0. What would happen to the opportunity set if i) the first period endowment y₁ increases or ii) the market interest rate (r) decreases? You should answer this question by drawing a figure (you can use pen and paper). Be sure to define the intercepts and slope of the opportunity set in each case. Please also answer this question in general terms.
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Step 1: Define Budget Line
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Step 2: Explain the Change in Opportunity Set with Increase in First Period Endowment (y₁):
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Step 3: Explain the Change in Opportunity Set with Decrease in Market Interest Rate (r):
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