Consider a simple two-period model of intertemporal choice. Suppose that a person receives income $35,000 in period 1 and additional income $33,990 in period 2. The market interest rate at which the person can both borrow and save is 3%. Finally, the person’s intertemporal preferences are

Hello your question ls not complete here is the missing equation and  question

U ( c₁c₂ ) = ( c₁ ) + α ( c₂ )

Derive the budget constraint that the person faces

ANSWER : c1 +  = 35000 +

Explanation:

period 1 income ( y1 ) = $35000

period 2 income ( y2 ) = $33990

interest rate = 3% = 0.03

utility ( c1, c2 ) = ( c1 ) + α ( c2 )

Deriving The budget constraint that the person faces

saving ( s ) = y1 - c1

c2 = ( 1 + r ) ( y1 - c1 ) + y2

 =  y1 - c1  +

present value of consumption = present value of income

c1 +  = 35000 +

This is the derived equation

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explanation:

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