Explain the meaning that an individual has a positive rate of time preference.

Question

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Answer 1

Question

Chapter 16, Problem 1QP

To determine

Explain the meaning that an individual has a positive rate of time preference.

Expert Solution & Answer

Explanation of Solution

Generally, majority of the people greatly prefers the present consumption to the future consumption. This means that the degree of time preference is high for some individuals. For example, majority of the consumers prefer to buy a car today than to purchase a car after 5 years. Therefore, the positive rate of time preference indicates the preference for earlier availability of goods and services over the later availability of goods and services.

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Answer 2

Question

Chapter 16, Problem 1QP

To determine

Explain the meaning that an individual has a positive rate of time preference.

Expert Solution & Answer

Explanation of Solution

Generally, majority of the people greatly prefers the present consumption to the future consumption. This means that the degree of time preference is high for some individuals. For example, majority of the consumers prefer to buy a car today than to purchase a car after 5 years. Therefore, the positive rate of time preference indicates the preference for earlier availability of goods and services over the later availability of goods and services.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 16, Problem 1QP

To determine

Explain the meaning that an individual has a positive rate of time preference.

Expert Solution & Answer

Explanation of Solution

Generally, majority of the people greatly prefers the present consumption to the future consumption. This means that the degree of time preference is high for some individuals. For example, majority of the consumers prefer to buy a car today than to purchase a car after 5 years. Therefore, the positive rate of time preference indicates the preference for earlier availability of goods and services over the later availability of goods and services.

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Answer 4

Question

Chapter 16, Problem 1QP

To determine

Explain the meaning that an individual has a positive rate of time preference.

Expert Solution & Answer

Explanation of Solution

Generally, majority of the people greatly prefers the present consumption to the future consumption. This means that the degree of time preference is high for some individuals. For example, majority of the consumers prefer to buy a car today than to purchase a car after 5 years. Therefore, the positive rate of time preference indicates the preference for earlier availability of goods and services over the later availability of goods and services.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 16, Problem 1QP

To determine

Explain the meaning that an individual has a positive rate of time preference.

Expert Solution & Answer

Explanation of Solution

Generally, majority of the people greatly prefers the present consumption to the future consumption. This means that the degree of time preference is high for some individuals. For example, majority of the consumers prefer to buy a car today than to purchase a car after 5 years. Therefore, the positive rate of time preference indicates the preference for earlier availability of goods and services over the later availability of goods and services.

Answer 6

Chapter 16, Problem 1QP

To determine

Explain the meaning that an individual has a positive rate of time preference.

Expert Solution & Answer

Explanation of Solution

Generally, majority of the people greatly prefers the present consumption to the future consumption. This means that the degree of time preference is high for some individuals. For example, majority of the consumers prefer to buy a car today than to purchase a car after 5 years. Therefore, the positive rate of time preference indicates the preference for earlier availability of goods and services over the later availability of goods and services.

Answer 7

Chapter 16, Problem 1QP

To determine

Explain the meaning that an individual has a positive rate of time preference.

Answer 8

Expert Solution & Answer

Explanation of Solution

Generally, majority of the people greatly prefers the present consumption to the future consumption. This means that the degree of time preference is high for some individuals. For example, majority of the consumers prefer to buy a car today than to purchase a car after 5 years. Therefore, the positive rate of time preference indicates the preference for earlier availability of goods and services over the later availability of goods and services.