Identify each of the following as a mission. goal, or strategy. a. Budget time for study, sleep, and relaxation.
b. Provide shelter for the homeless.
c. Provide an above-average return to investors.
d. Protect the public.
e. Locate fire stations so that the average response time is less than five minutes.
f. Overlap police patrols so that there are always police cars on major thoroughfares.
g. Achieve a 12 percent market share.
h. Lower prices and costs.
i. Select the most scenic route to drive between Las Vegas and Denver.
j. Graduate from College.

3. saving two consumers, larry and jeff, have utility functions defined over the two periods of their lives: middle age (period zero) and retirement (period 1). they have the same income in period 0 of m dollars and they will not earn income in period 1. the interest rate they face is r. larry’s and jeff’s utility functions are as follow. = 0.5 + 0.5 and = 0.5 + 0.5 for each person is between zero and one and represents each consumer’s temporal discount econ 340: intermediate microeconomics. ben van kammen: purdue university. rate. a. write the budget constraint that applies to both jeff and larry in terms of consumption in each period and ), interest rate, and m. b. what is larry’s and what is jeff’s marginal rate of intertemporal substitution? c. what is the slope of the budget constraint? d. write each consumer’s condition for lifetime utility maximization. e. re-arrange the conditions from part (d) to solve for the ratio, . f. if > which consumer will save more of his middle age income? g. if > 1 1+ , in which period will larry consume more: = 0 or = 1?