[求助]2005中山大学经济学试题中的几个问题。

so diffcult!who can explain it clearly!

Initial wealth A is used to construct the transversality condition that ensure the optimization problem.

so the budget constraint is A+Y1+Y2/（1+r）The rest of the solution is similar to teh solution of 当时明月在, but need to incorporate the initial wealth in the optimization problem.