Consider a consumer who lives for three periods: youth, middle age, and old age. when young, the consumer earns $20,000 in labor income. earnings during middle age are uncertain; there is a 50% chance that the consumer will earn $40,000 and a 50% chance that the consumer will earn $100,000. when old, the consumer spends savings accumulated during the previous periods. assume that inflation, expected inflation, and the real interest rate equal zero. ignore taxes for this problem.

Jiffy printing shops does a lot of printing job for college students. the shop use an average of 25 cases of copy paper each day during the 312 days last year. the shop opens 6 days a week for 52 weeks each year and closes on sundays. each case of paper costs $35. it conducts a count of its paper inventory at the end of every quarter of the year. the table below shows the inventory counting records for last year. inventory end of quarter 1 700 cases end of quarter 2 1,050 cases end of quarter 3 920 cases end of quarter 4 800 cases 1. what's jiffy's cost of goods sold last year? 2. what's jiffy's average aggregate inventory value? 3. what's jiffy's inventory turnover last year? 4. what is the printing shop's weeks of supply last year?