Peter hires alice as an agent to sell a piece of property he owns. the price is to be at least $30,000. alice discovers that the fair market value of peter’s property is actually at least $45,000 and could be higher because a shopping mall is going to be built nearby. alice forms a real estate partnership with her cousin carl. then she prepares for peter’s signature a contract for the sale of the property to carl for $32,000. peter signs the contract. just before closing and passage of title, peter learns about the shopping mall and the increased fair market value of his property. peter refuses to deed the property to carl. carl claims that alice, as peter’s agent, solicited a price above that agreed on when the agency was created and that the contract is therefore binding and enforceable. discuss fully whether peter is bound to this contract.

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The undress company produces a dress that women use to quickly and easily change in public. the company is just over a year old and has been successful through a kickstarter campaign. the undress company has identified a customer segment, but if it wants to reach a larger customer segment market outside of the kickstarter family, what question must it answer?

3. saving two consumers, larry and jeff, have utility functions defined over the two periods of their lives: middle age (period zero) and retirement (period 1). they have the same income in period 0 of m dollars and they will not earn income in period 1. the interest rate they face is r. larry’s and jeff’s utility functions are as follow. = 0.5 + 0.5 and = 0.5 + 0.5 for each person is between zero and one and represents each consumer’s temporal discount econ 340: intermediate microeconomics. ben van kammen: purdue university. rate. a. write the budget constraint that applies to both jeff and larry in terms of consumption in each period and ), interest rate, and m. b. what is larry’s and what is jeff’s marginal rate of intertemporal substitution? c. what is the slope of the budget constraint? d. write each consumer’s condition for lifetime utility maximization. e. re-arrange the conditions from part (d) to solve for the ratio, . f. if > which consumer will save more of his middle age income? g. if > 1 1+ , in which period will larry consume more: = 0 or = 1?