Please answer b-d.

Problem 2. Two-Period Consumption-Leisure Framework (35 points). The representative U.S. consumer optimizes decisions for consumption in period 1 and period 2 (denoted, respectively, as c, and c, ) and labor supply in period 1 and period 2 (denoted, respectively, as n, and n, ). Denoting by Be (0,1) the one-period-ahead subjective discount factor, the consumer's two-period utility function is u(c, n, ) + B .u(c2,12). For reasons left out of the scope of the analysis of this problem, financial markets (whether domestic or international) do not exist, thus consumers in period I can neither save resources for period 2 nor borrow against their period 2 resources. The period-1 and period-2 budget constraints for the representative consumer are, respectively, 9 = (1 -7 ) . Wn and C2 = (1-72) . W2 'nz in which the real wages in both periods 1 and 2, w, and w, , are taken as given by the consumer as are the labor income tax rates, z, and r, , in, respectively, both periods 1 and 2. a. (5 points) Based on the fact that consumers can neither save nor borrow in period 1, can a lifetime Lagrange function that contains one single lifetime budget constraint be constructed? If it can, carefully construct it. If it cannot, carefully explain why it cannot be constructed.Problem 2 continued b. (5 points) Based on the fact that consumers can neither save nor borrow in period 1, can a sequential Lagrange function be constructed? If it can, carefully construct it. If it cannot, carefully explain why it cannot be constructed. c. (4 points) Based on either the Lagrange function constructed in part a or part b, compute the first-order conditions for both c, and n, . d. (4 points) Based on either the Lagrange function constructed in part a or part b, compute the first-order conditions for both c, and n