Dinham Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 4,900 tenant-days, but its actual level of activity was 4,930 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March:

Data used in budgeting:
Fixed element per month Variable element per tenant-day
Revenue - $ 35.40
Wages and salaries $ 2,100 $ 8.80
Food and supplies 1,300 15.30
Facility expenses 7,700 4.30
Administrative expenses 6,200 0.10
Total expenses $ 17,300 $ 28.50

Actual results for March:
Revenue $ 150,135
Wages and salaries $ 28,680
Food and supplies $ 77,130
Facility expenses $ 28,225
Administrative expenses $ 7,108

The overall revenue and spending variance (i. e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for March would be closest to:

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?