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(Solved by Expert Tutors) Dave and Christy both follow the life-cycle hypothesis: they smoothcons


as much as possible. They each live for five periods,the last two of which are retirement. Here are their incomes earnedduring each period:They both die at the beginning of period six. To keep things simple,assume that the interest rate is zero for both saving and borrowingand that the life span is perfectly predictable.a.For each individual, compute consumption and saving in eachperiod of life.b.Compute their wealth (that is, their accumulated saving) at thebeginning of each period, including period six.c.Graph consumption, income, and wealth for each of them, withthe period on the horizontal axis. Compare your graph toFigure 16-12.


 


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Apr 19, 2020

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