Question: looking for help solving this problem with step by step solution. Thank you! Save Answer Consider an economy that is populated by many identical consumers.
looking for help solving this problem with step by step solution. Thank you!

Save Answer Consider an economy that is populated by many identical consumers. The representative consumer has preferences that can be described by the utility function u(c,c') = In(c) + 2In(c'), where c is the level of current consumption and C' is the level of future consumption. The marginal utilities of the consumer are given as MU, = and MU. = The consumer has a current income of $5,000 and a future income of $7,000. The consumer pays $1,000 in tax in each period (current and future). The real interest rate is r = 0.05. Suppose the consumer's current consumption level is c = 1,000 and future consumption level is c' = 1,500. How many units of current consumption is the consumer willing to give up for an additional unit of future consumption? Round your answer to at least 2 decimal places
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