Q1 [50 MARKS] A researcher is investigating the differences in consumption across different states in the US. He assumes that a household is choosing how to allocate consumption across periods of its life by maximising lifetime utility V, such that: T V = 2\"ch where u[(c,) = 1 1 [=0 _ cf :1 (1 + 5)' a where ct is consumption in the t-th period and ut (.) is a within-period utility for the t-th period function. T is end of life and a