please hand write the answers on paper and take pic!

5. Consider a two-period, small open economy populated by a large number of households with preferences captured by the following life-time utility function, C11/2+C21/2 where C1=(C1T)(C1N)1C2=(C2T)(C2N)1 with (0,1). Households are endowed with Q1T=1 and Q2T=2 units of tradables and Q1N=Q2N=1 unit of nontradables in period 1 and 2. Households start period 1 with no assets or debts. The world interest rate is zero. Derive the equilibrium relative price of nontradables in terms of tradables in period 1 . What is the effect of an increase in period 2 nontradable endowment, Q2N, on the period 1 relative price of nontradables, p1 ? What is the effect on the real exchange rate