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Question 1: A simple life-cycle overlapping generations model. DO " Consider a simple life-cycle economy with multiple generations. Each generation lives for 2 periods: young (y) and old (o). Only the young work, earning the average wage in the economy denoted by le has been comp circulate. copy Wt. Consumer preferences are given by the logarithmic function U(cy, co) = In(cy) + Bin(co), where for B > 0 is the discount factor. Young generations can also save st which earns the interest rate rt. The size of the young generation is L and population grows at rate n. A representative firm hires capital rate of capital is also rt. K and labor L to produce output Y using a Cobb-Douglas technology given by Y = yKaLl- en compiled fo . as been where > > 0 denotes total factor productivity and 0