People live for three periods. Period 1, they are children, make no economic decisions, consume
ct,1, which is chosen by their parents for them. Period 2, they give birth to nt children, work for a
wage wt , consume ct,2 and feed their children, save at,2 for their retirement, and support a parent.
Period 3, they are retired, live off of saving and family transfer from their children. Each worker
only transfers a fifixed amount f to her parent, and parent can receive family transfers from all her
children. The interest rate at time t is rt .
Recently Asked Questions
- The key to Current Procedural Terminoogy (CPT) is to use CPT to communicate what a practitioner is doing as the services are rendered. Note that multiple codes
- I need help in understanding how to to do this assignment . I believe I will start from multicellular but don't understand how from sponges to mammals. I have
- . Information of average revenue and costs is as follows : Selling price per unit $ 28.50 Variable costs per unit Direct material 5.50 Direct manufacturing