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Homework 10.11a. This is a Ramsey problem. Let y(t) be the total capital of an individual X at time t and let r(t) be the

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Homework 10.11a. This is a Ramsey problem. Let y(t) be the total capital of an individual X at time t and let r(t) be the rate at which the capital is spent. Denote by U = U(T) the rate of enjoyment corresponding to any given rate of capital expenditure. Presumably U(r) should be an increasing function of r. The total enjoyment of capital over the lifetime 0

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