J L Intermediate Macroeconomics Exam 3 1. Consider the following problem: max 2'; tnct) + ln(1 n,)]| nk": F: c, + It," = Akfnf" where n, is the...

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J L Intermediate Macroeconomics Exam 3 1. Consider the following problem: max 2'; fitflnflct) + ln(1 — n,)]| fink”: F": S.t. c, + It,” = Akfnf“ where n, is the labor sugglg. If 01 = 1,0! = [15,121 = 1,,8 = 0.5 and population is constant over time,find the steady state values of consumption, investment, output, labor, leisure, savingrate, and utility. 2. Consider the following problem: nomax 2 fitlnfict)ctht+1n9t t—n fists Ct + kt+1 + 9: = Akfgf where g, is government spending. If at — 1, o: — 0.5,A — 1,3 — 0.5, 6' — 0.25, and population isconstant over time, find the steady state values of consumption, investment, output,government spending, saving rate, and utility.