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2 Problems 1. Consider an exchange economy with two households (A and B) and a non-storable composite consumption good. Each agent lives for two periods (t = 0,1) and there is no uncertainty about their endowment at time 1. The endowment structure is summarized in the following table. household time 0 time 1 A 1 0 B 0 z > 0 Both households maximize their utility from consumption, which is given by U023, Ci) = log cf, + log c'i, where'i E {A, B}, ,6 = 1/ (1+p) is the discount factor satisfying 0