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(a) (10 marks) Write down the period t and period 13+ 1 budget constraints and use them to derive the lifetime budget constraint. Formulate the

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(a) (10 marks) Write down the period t and period 13+ 1 budget constraints and use them to derive the lifetime budget constraint. Formulate the individuals\" utility maximisation problem and solve it to nd the optimal values for: consumption when young, consumption When old, labour supply and saving of a generation 15 individual

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