3. Consider an individual with the following adaptive utility function: 1 11-: = '9': Etc1 hf Assume income is based on an hourly wage of 1. 50 y = ht. In this problem, it is convenient to assume that the entire income is consumed in each period. Suppose the individual lives for two periods, 1 and 2. Assume y = I]. Also assume that the individual does not discount the future [she values each period equally). {a} If she anticipates the impact of her current consumption on future utility, how many hours will she work in each period? [Solve for each period separately. Keep in mind that period 1's decision's affects period 2 as well.) (b) If she does not anticipate the impact of her current consumption on future utility, how many hours will she work in each period? (c) Intuitively explain the difference between your answers to (a) and lb)