Dear expert tutors,

Please help me to formulate the utility function and the budget constraint based on the story below.

\\. I Consider the following two~period OLG model. The economy is innitely lived and each individual lives for two periods. The population size is constant over time with a measure N > 0 individuals being born each period. Period utility of a young individual in period t, u(c1't,llat), is dened on the amount of the consumption good consumed in youth, cm, and from effort exerted accumulating labour capital, I\". Given an investment in labour capital, 31,, exerted in youth, an individual's labour productivity in old age is equal to he,t+1 2 651,3. Assume that uc[c, l) > D, 1110,:(8, I) U and USCIIC)