Could you please help to solve this question? Especially the (c), please give quite detailed explanation. Thank you very much!

1. Consider sophisticated Robinson's two-period consumption decision problem. The notations of variables are the same as the slides for Chapter 4. His life time utility is given by U(01, 02) = [1101 + Z1102 Here we are assuming discount rate 5 = 1. Budget constraints are given by C] + B = 171,02 = Yg + (1 + 7') B, in period 1 and 2 respectively. (a) Derive the intertemporal budget constraint for Robinson (Hint: Combine two budget constraints to eliminate B). Provide the interpretation of the intertemporal budget constraint. (b) Solve the utility maximization problem and derive the optimal level of consumption in each period, Cl and 02 (re. Express 01 and 02 in terms of Y1 and Y2 ..) (c) Now suppose Robinson cannot borrow. Namely, B 2 0. What is the optimal level of consumption in each period if Y1 2 Yg? Provide intuition for your answer. (Hint: With the optimal level of consumption you nd in question (b), what is the implied borrowing B? Does it satisfy the borrowing constraint B 2 0? If not, what is the best for Robinson to do? Is it optimal to set B = 0, namely consuming everything you have in period 1?)