1. A consumer lives for two periods and receives1. A consumer lives for two periods and receives labor income in both the first period of his life and the second. Let w1 be the wage rate in the first period and w2 be the wage rate in the second period. The household pays lump-sum taxes in the first period, Tx1 and lump-sum taxes in the second period Tx2. The consumer does not value leisure, but does value consumption in period 1 and period 2. The time endowment of the consumer is 1 in each period. Suppose the consumer has the following utility function )ln()ln( 21 cc + a. Write down the budget constraint in the first period and in the second periods. b. Derive the intertemporal budget constraint. lab A consumer lives for two periods and receives labor income in both the first period of his life and the second. Let w1 be the wage rate in the first period and w2 be the wage rate in the second period. The household pays lump-sum taxes in the first period, Tx1 and lump-sum taxes in the second period Tx2. The consumer does not value leisure, but does value consumption in period