# Utility Assignment | Homework For You

Suppose that there are only 10 individuals in the economy each with the following utility function over present and future consumption: , where  is consumption today, and  is consumption tomorrow. Consumption tomorrow is less valued because people are impatient and prefer consuming now rather than later. Buying 1 unit of consumption today costs \$1 today and buying 1 unit of consumption tomorrow costs \$1 tomorrow. All individuals have income of \$10 dollars today and no income tomorrow (because they will be retired) but they can save at the market interest rate.

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