EBK MICROECONOMICS
EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
Question
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Chapter 4, Problem 9RE
To determine

To state:

The meaning of composite good.

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A family of four has an income of $15,000 today and will earn $24,000 tomorrow. If the family consumes $11,500 in the first period and $15,000 in the second period, what is the interest rate.   (this question deals with intertemporal choice from microeconomics) (also I am seeking the formula to find the interest rate)
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