1 -

max pula u(C) = C

- p
=
1 -
0

8 a
YT
.

(7 + r)AT
+

C
=

"Y Bu(() +Yu(()

S max Bu(col
+ 'u(x) + Bu(() +

+ Y, Yz Y3+44
+r)
+ +

(3 24
=

+o
G 2
+

S a +
+

Co
+

.
.

L +Bu(C) BY((2) + M((3) +

BYu(cn)
Pu((0)
+

Co 4
+

G
+

( +

()
+ x)A0(1 +r) Yo+4 +42+4y
-
-

+ ,

Y)) Y))+ (u((y) xy( ( r)Ay Yal)

I (r() +x + A (+rAg
-

(C + ActrA , -y ll+YM()
-

por
+ -

+As +An
- -

AYoll + (n(a)-x
-
-
+
=

Al-ktr) .
+ ,

me
ci
Jaco :

B MCC0)
-

BXo(C0+ A, (1 11A0-40) - +
-
(rol :

MCC0) -
xo
=
0

La :
B'M (41- p'P (C ,
+ Ax- k + r) An- Yi)

=BUKe) -

142
=
0 i
1 -
A

tiens-prinicana , C
-

=(Ce) -

Bixz
=

0
e 1 -
0

↳ = "u'(3) -

x,
=

(yl-BYM 0
2 =

milo)= ↳ no

El in
↓
XI

-
·

El ,
I
 · u'CC)= X, .
vCC)= X2
·
u'((0) =
xo
8

2018 =

Xo -
C
1
,

-
⑦
= x,
o =

x
1 -
0

I Co
-

.
⑦

-
- X
=
7 =

e
x ,
Ci =

X2

·
u((3) =

As ·
u'CCy) :

Dy

0
1 -
⑦
=

xs
O Y

L xu
-O
Ca =X3
en
-