3. Welfare Maximlzatlon (an points total) Assume that time is discrete with three periods t = 1,2,3. There is no uncertainty. A household maximizes its welfare \"(011+ Attica} + gut'a), where 11(8) is the household's period utility function satisfying u." 3: i], u\" c: i]. C" is house hold consumption in period t. The households patience parameter satisfies i] <: p c: the budget constraints for each period are given by ci ca="Y3+tl+erL" where r r: is exogenous real interest rate. level of income in t. l value longterm savings chosen household and paying off can take on positive or negative zero values. assume that households patience parameter rate satisfy . points derive optimality condition euler equation l. interpret equation. show this result. to it possible explain why not intuitively. a version present constraint linking discounted consu mption periods solve model write consumption as function exogenously parameters such y1. y2 there something about nature behavior with relative our baseline welfare maximization presented class. intuitively how mo models implications differ>