RBC Model Without Capital: Suppose the production function is given as Y: = AMIa where Atis the level of technology and N: is labor. Households maximize utility of the following form: l+ 0 3 N: 825 (Iowa31W) subject to the budget constraint 03 + 83 = tht + (1 + T;)S~_1 'l 1133(1 T3) where H: are prots and 0