2.2. The elasticity of substitution with constant-relative-risk-aversion utility. Consider an individual who lives for two periods and whose utility is given by equation (2.43). Let P, and P, denote the prices of consumption in the two periods, and let w denote the value of the individual's lifetime income; thus the budget constraint is PG + P.C. = W. (a) What are the individual's utility-maximizing choices of G and C. given P. Ps, and w? o