Hello, Please answer parts a-f of question 4 and include your work. Thank you!

Question 4. Credit Crunch The typical American family has been borrowing for decades. In 2007-2009, as a result of the subprime loan crisis, banks decided to stop lending so American households could not borrow as much as they wanted. Consider the decision of the average individual: (a) Write down the dynamic budget constraint for period 1 and for period 2 separately. (b) Write down the intertemporal budget constraint for two periods. (c) Assume the horizon of this individual is 2 periods so that he decides to leave no wealth and no bonds at the end of period 2. Plot the intertemporal budget constraint in the (C1, C2) space. ((1) If household preferences are increasing and concave, find graphically the optimal amount of consumption in periods 1 and 2. (e) Let y1 and y2 be the amounts of income this individual makes in period 1 and 2 respectively. If the average individual is borrowing, where is the point (y1, yz) in the graph relative to the optimal (C1, C2)? (f) Imagine now that, as a result of the crisis, bancs do not lend to this average individual. This is what we call a "credit crunch\" What is the consumption choice for today, C1 when this happens