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Question 3 (Q7 from Section 3.8 of the textbook): (Refer to 3.9 Appendix: Using Calculus.) Suppose utility equals In(c1,t)+In(c2,t+1) where In(c) represents the natural logarithm of c, whose derivative equals c1. The parameter is a positive number. (a) Prove that real money balances are q=1+y. (b) Derive expressions for the lifetime consumption pattern c1,t and c2,t+1. (c) What effect does an increase in have on real money balances and the lifetime consumption pattern? Given an intuitive interpretation of the parameter ..

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Question 3 (Q7 from Section 3.8 of the textbook): (Refer to 3.9 Appendix: Using Calculus.) Suppose utility equals In(c1,t)+In(c2,t+1) where In(c) represents the natural logarithm of c, whose derivative equals c1. The parameter is a positive number. (a) Prove that real money balances are q=1+y. (b) Derive expressions for the lifetime consumption pattern c1,t and c2,t+1. (c) What effect does an increase in have on real money balances and the lifetime consumption pattern? Given an intuitive interpretation of the parameter .

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