Kenny Kink's utility function is u$($c$1,$ c$2)=$ min$\{$c$1,$ c$2\},$ where c$1$ is his consumption in period $1$ and c$2$ is his consumption in period $2.$ He earns $$200$ in period $1$ and $$220$ in period $2.$ Kenny can borrow and lend at an interest rate of $10\%,$ and there is no inflation. The number of dollars that Kenny spends on consumption in the first period must be

Question $7$Answer

a$.$

more than $220.$

b$.$

more than $200$ but less than $220.$

c$.$

exactly $200.$

d$.$

more than $180$ but less than $200.$

e$.$

exactly $180.$