Kelbee7497 Kelbee7497

30-05-2023
Business

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Problem 1. Bob lives two periods: today and tomorrow. His preference is represented by the following utility function: U(C1, C2) = C1 C29.9 = where cı is today's consumption level and c2 is tomorrow's consumption level. Suppose Bob's income today is yı $100 and his income tomorrow is $y2 = 190. Interest rate is denoted by r. = = 1. Write down Bob's utility maximization problem (including the budget set). 2. Determine Bob's optimal consumption bundle (c1, cm) as a function of r. Draw the inverse demand curve for consumption tomorrow (i.e., con X axis and p2 THI Y axis). = 1 1+r on

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