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Consider the consumption saving problem (SP1). The utility function is in (ct) = 1/ct with a the discount factor of ,8 E (0, 1). The budget constraint is standard: at\" = (1 + r) at ct, where income to = O and 'r E (0, 00). The state space is A E (0, oo). 1. What class of utility functions does Mot) belong to? 2. Write down the full sequence problem. 3. Does a solution exist to this problem? Is it unique? Argue briey. 4. Calculate the optimal policy function. 5. Is the solution to the F00 the solution to the original problem? Argue briey