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Consider the following scenarios of consumer optimization: a) Nina has the following utility function: U = In(Cl) + In(Cz) + In(Ca). She starts with wealth $120,000, earns no. additienal income and faces a zero. interest rate. Hew much does she consume in each of the three periods ? b) David is just like Nina, he starts with initial wealth $120,000, earns no. additional income and faces a zero. interest rate except he always gets extra utility from present consumption. Frem the perspective of period one, his utility function is : U = 2In(Cl) + In(C2)+ In(C3). In period one, hew much does David decide to. consume in each of the three periods? Hew much wealth does he have left after period one ? c) When David enters period two, his utility function is: U = In(Cl) + 2In(C2) + In(C3). Hew much does she consume in periods two and three?
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