Btl Mtl . Suppose the budget constraint in one period is given as (\"w/Phi + itK + (1 + i_1) P: + P: = B M _L _L (a) Assuming that Money holding is constant, write the expression for lifetime budget constraint assuming three periods (4 points) (b) Assuming three periods, re-write the budget constraint when the household receives net transfers of V, T, in each period. (4 points) (c) If both taxes and transfers increase by the same amount, it will leave income unaffected and therefore the tax does not affect the household budget. Discuss why this might not be a correct statement (3 points)