question 71

Essay

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A)Doug is 51 years old.He owns a Laundromat and plans to retire at the age of 60.Pete is 21 years old.He just started working at an investment bank.The figure shows the preferences for future and present consumption for an individual.Other things unchanged,who is more likely to be at point N on the budget line and why?

• A)Doug is 51 years old.He owns a Laundromat and plans to retire at the age of 60.Pete is 21 years old.He just started working at an investment bank.The figure shows the preferences for future and present consumption for an individual.Other things unchanged,who is more likely to be at point N on the budget line and why?