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Intertemporal budget constraint. Utility = min(C1 , C2 )
1-Budget line 1: Y1 = $800. Y2 = $1,300. The interest rate is 5 percent, both for borrowing and saving.
Draw the budget line, with solved numbers (please show solved numbers) . Solve the optimal consumption levels to choose in time 1 and time 2. Draw the indifference curve.
2-Budget line 2: The interest rate for borrowing and saving has increased to 15 percent. Solve (please show solved numbers) the new optimal consumption levels to choose. Draw the indifference curve.
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