In a two-year period, suppose Gloria has $10,000 in income in year 1 and $4,300 in income in year 2. In order to maintain her optimal consumption of $8,000 in year 1 and $6,500 in year 2, she can borrow or lend at a rate of 10 percent.
Required:
1. If Gloria's income stream changes such that she earns $3,000 in Year 1 and $13,000 in Year 2, the budget line will .
A. remain unchanged.
B. pivot about the endowment point.
C. pivot about the intercept on the axis representing year 2 income.
D. shift out away from the origin.
Answers: 1
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In a two-year period, suppose Gloria has $10,000 in income in year 1 and $4,300 in income in year 2....
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