RosenPP.. RosenPP. RosenPP. RosenPP RosenPP_ RosenPP.. RosenPP.. Public fi. ECON35.. 4 / 10 2. (23 marks) Michelle has Cobb-Douglas utility given by U = co-5co-5, where co and c represent her consumption in her working life and retired life, respectively. Her income in her working life. 10. is 1 and her income in her retired life, v1. is 0. If Michelle chooses to save any of her working life income until retirement. she can earn a rate of return of 10 percent (ie. r = 0.1). (Note: you will likely find that a diagram is extremely helpful to visualise the concepts.) a. (2 marks) Write down Michelle's intertemporal budget constraint