3. Suppose there is no uncertainty, but labor income is subject to regular, perfectly anticipated fluctuations: @: = w+A in even periods (t=0, 2, 4, ...) and w,= @ -(1+r)4 in odd periods (t=1, 3, 5, ...). There is a positive initial wealth do. What is the optimal path of consumption c? What is the path of labor income, consumption, saving and asset holdings over time? Show graphically (qualitatively) and compare briefly with the previous case