試題詳解

8.(5%) Consider a represen ntative agent who can live for two periods. In each period, he/she has one unit of time and allocates his/her time on working (hi) and leisure (V). The agent's life-time utility is given by:
  
where i denotes the period of time； β is the subjective discount factor； and ci represents consumption in period i. Furthermore, we denote the interest rate as r； the wage rate of working in period i as w； and the saving in period 1 as s. Which of the following statement is correct?
(A)The life-time budget constraint is given by:
(B) The optimal consumption in period 1 is:
(C) The optimal decision on leisure in period 2 is:
(D) All of the above.