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1. Consider the following 2-period model of a closed economy with a representative house- hold and competitive firms. The household has logarithmic utility from consumption

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1. Consider the following 2-period model of a closed economy with a representative house- hold and competitive firms. The household has logarithmic utility from consumption (C: in period t) and a quadratic disutility of work (L+): log (C1) - (21)' + 3 [log (C2) - (22)'] , 0

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