PRACTICE QUESTIONS_CONSUMPTION THEORY 1. Consider an individual who lives from 0 to T, and whose lifetime utility is given by; = () ; () > 0; =0 () < 0 The individual's income is; 0 0 < ; 0 The retirement age, R, satisfies 0 < R < T. The interest rate is zero, the individual has no initial wealth, and there is no uncertainty. i. What is the individual's lifetime budget constraint? ii. What is the individual's utility-maximizing path of consumption, C(t)? iii. What is the path of the individual's wealth as a function of t