am stuck please guide me on this step by step

(a) Let s. = (ble-1, 62-1, 21-1, 21-2,2:) denote the state vector where bl, and 62, denote one- and two-period bonds purchased at time & respectively and & denotes the number of futures contracts purchased at time t. Then the dynamic programming problem can be written as: Note that I am assuming that all two-period bonds are sold after holding them for one period. (This assumption is not necessary.) Also note that the expectations operator does not have a time subscript which reflects the wi.d. assumption for the exogenous state variable, 2. The necessary conditions are:1. (10) In Mehra and Prescott's analysis of the equity premium, they employed a discrete time asset pricing model in which the exogenous process for consumption growth was assumed to be a two-state Markov process. Denote the two growth rates as dj 0 and y # 1, and C (t) is per-capita consumption. In addition to households, a government exists which purchases G (t) units of output. This amount is growing at the rate n to (i.e. the growth rate of government purchases is equal to the sum of the population growth rate and the growth rate of technology). Government purchases are financed via lump-sum taxes on households. Given this environment, do the following (a) Solve the model as a social planner problem. Write down the associated present-value Hamil- tonian and derive the necessary conditions. (b) Define a steady-state equilibrium and derive the phase diagram associated with this economy. (c) Suppose that, in period to the level of government purchases jumps unexpectedly to G' (tx) > G (tx) . This has no effect on the growth rate of government purchases. Describe the effect that this has on equilibrium (steady-state and any transition to a new steady-state) and use the phase diagram developed in (b) to support your analysis. (d) Suppose now that, in period tm, the capital depreciation rate falls to o'