t. Alex 1trieurs pI'Esent and future consumption as perfect substitutes. He does, houretr'er. discount iture consumption to reect the uncertainties of his life. His utility function is therefore given by Uljcl, c2] = ci+c1l[l+], where 13H} is the discount rate that Alex applies to consumption in period 2, representing the fact that he is 'impatient\". a. Graph Alex's indifference curve map for this utility function. b. What happens to his consumption in period 2 if the real interest rate exceeds his discount rate? c. What happens to his consurnption in period 2 if his discount rate exceeds the real interest rate? d. What do you conclude about the relationship between a person's saving behaviour and his or her \"degree of impatience"? c. Now. assume that Alex's utility over present and future constunption is U[ci ,c2} = 5 ln c: + cs {this is called a quasi-linear utility function because c2 enters linearly}. Assume equal endowment of$5 in both time periods. What do you conclude about the relationship between a person's saying behaviour and his or her \"impatience\" in this case? Show it graphically