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The following table lists some economic agents and their intentions. At present the interest rate is ...

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The following table lists some economic agents and their intentions. At present the interest rate is ...

The following table lists some economic agents and their intentions. At present the interest rate is 5 percent.

Who	Intent	Amount Needed
Mike	Save for child's college	$50,000
Sophie	Buy a car	$10,000
Pie's Pizza	Expand restaurant	$100,000
Sara	Save for retirement	$100,000

Refer to the table above. Assume that Peter, who needs a loan of $10,000 to repair his business, enters the loanable funds market. Inflation is 3 percent. If the demand for credit is perfectly inelastic, which answer below could describe the new equilibrium?

▸ Q* = $160,000, r = 3 percent

▸ Q* = $120,000, r = 3 percent

▸ Q* = $110,000, r = 4.5 percent

▸ Q* = $140,000, r = 5 percent

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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