A widely used utility function in the economics literature is the constant rate of risk aversion utility function, of which log utility is a special case. It is given by

A widely used utility function in the economics literature is the constant rate of risk aversion utility function, of which log utility is a special case. It is giyen by 1- L"? {In' With this utility function, the marginal utility of consumption is u'fc} =c'?'. u{c} = {a} Set up the Neoclassical Consumption lulodel with this period utility function. to} Derive the Euler equation for this utility function. [cl Derive the growth rate of consumption from period 1 to period 2. {d} Show that if y = 1, the Euler equation is the same as if we used log utility