ECON3010-202122-01-ECON3010W/1.pc# 2 ECON3010W1 1 Consider an economy populated by a representative household that lives forever. Time is discrete. Household's preferences are given by _ B [a log(ct) + (1 - a)log(1 - ht)]. (1) 1 = 0 with a and B E (0, 1). The budget constraint is at kitti 0, 0 E (0, 1) and ky and hi are the demands for labour and capital inputs. Firms sell final goods and hire labour and capital from the household in perfectly competitive markets. Feasibility requires that Ct + Kt+1