5. Consider an economy with a constant population in which each person is endowed with y] when young and y2 when old. Assume that y: is sufficiently small so that everyone wants to consume more than y: in the second period of life. Bear in mind that under the new assumptions, the equations and graphs you use may differ from the ones in this chapter. (a) Apply the Equations 1.1 through 1.6 to nd the feasible set. (b) Assume that all people within a generation will be treated alike and graph the set of stationary per-young-person feasible allocations. Draw arbitrarily located, but correctly shaped, indifference curves on your graph and point out the allocation that maximizes the utility of the future generations