Assume all parents have one child, parents can be either rich or poor, parents can be either highly altruistic or not very altruistic toward their child, and the child can be either dumb or smart. For each case, draw a graph that shows your result and provide an intuitive explanation for the result.

a. Assuming their children are equally intelligent, show how the child of poor parents might have greater lifetime consumption than a child of rich parents.

b. Assuming the parents are equally rich, show how a child of limited ability might have greater lifetime consumption than a child of high ability.