Question: Question 1 (40 points) Jack has a CobbDouglas utility function U031} (32) : (39'4036, where c1 and (:2 are his consumption in periods 1 and

Question 1 (40 points) Jack has a CobbDouglas utility function U031} (32) : (39'4036, where c1 and (:2 are his consumption in periods 1 and 2, respectively. Suppose Jack has $100 income in period 1 and $200 income in period 2. Prices in both periods are $1 and the interest rate, 2\" is 10%. Question 1 Part a What would be Jackis optimal consumption in both periods? Question 1 Part b If the interest rate decreases to 5%, how his consumption would be impacted

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