Consumer Utility Maximization Problem Assignment | Homework For You

|Recall the consumer utility maximization problem between consumption and saving as follows :max (1,c2 U = U(c,) + Bu(c2) + Bzu(C3)12 + (1 +r)s, = C2+ $2Ig + (1+r)$2 = C3 (a) Combine those three budget constraints into one lifetime budget constraint and give interpretation. (b) Exploiting the optimization result that the marginal rate of intertemporal substitution between ci and cj for all i # …

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