a)Suppose someone is currently consuming each period's income in that period (this means the person is neither borrowing nor saving) and has convex indifference curves.

• True or false, and explain: If the interest rate goes down, we do not know whether this person will become better off, become worse off or remain equally well off. support your answer on a graph

b) As in (a), suppose that this person is currently consuming each period's income in that period and has convex indifference curves.

True or false, and explain: If the interest rate goes up, we do not know whether this person will become better off, become worse off or remain equally well off. support your answer on the graph

c) As in (a) and (b), suppose that this person is currently consuming each period's income in that period and has convex indifference curves. Now, also suppose that this person reads, and is persuaded by, a self-help book that preaches the value of delayed gratification. On a graph and with a brief explanation in words, show how this new perspective would change the person's behavior. Be sure to include all of the important steps on the graph.