Question ! ( T Marks) ` Joan has a utility Function given by Vici . Czi = [ Had], where and [ represent her consumption in the current pirinal (i....

Find the optimal consumption bundle, and explain the impact on the optimal consumption incurrent period

Question ! ( T Marks)` Joan has a utility Function given by Vici . Czi = [ Had], where and [ representher consumption in the current pirinal (i.e . Period !) and Future period ( i.e . Period2), respectively . Her utility function meets the four strict axioms of preferences ( Com -pleteness , Transitivity , Strict Non-antiation , and Strict Convexity ). Joan carne !; in thecurrent periodl and does not earn any income in the future period . Her savings earn alleffective interest rate of' T from the current period to future period , where } } !.( a ) I. E Mark . Write down the range of value for *y so that Joan's utility function meetsthe strict axioms . Explain your answer .( b ) & Marks . During Joan's Marginal Hate of Intertemporal Substitution and pure rate*of time preference .( c ) & Marks . Find Joan's optimal consumption bundle IC" and C` ].( I ) IS Marks . Explain the impact of i { and } on the optimal consumption in thecurrent period .