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Exercise 1 Take the basic, closed economy RBC model without capital accumulation. Assume zero population and technological growth, and a population size of 1. The household problem 132 maxIEt [3 (log ct X: ) 35:0 1 + ('0 5.13. Ct = wtht, where Ct is consumption and ht is hours worked. Firms hire labor and have access to the constantreturnstoscale technology 3/: = Atht: where yt is output. 1. Solve the model for the equilibrium amount of hours ht. Hint: this is a closed economy, where consumption is the only way output can be used. 2. What happens with hours when Xt increases? What is the intuition? 3. What happens with hours when A; increases? What is the intuition