Consider two workers with identical preferences, Phil and Bill. Both workers have the same life cycle wage
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(a) Compare the life cycle path of hours of work between the two workers if Bill receives a one-time, unexpected inheritance at the age of 35.
(b) Compare the life cycle path of hours of work between the two workers if Bill had always known he would receive (and, in fact, does receive) a one-time inheritance at the age of 35.
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