Consider a Ramsey-Cass economy in which the representative household maximizes its utility function specified as:
U=B∫(t=0)([infinity]) e(-β(t))(c(t)(1-θ))/(1-θ)dt
Subject to the:
a) Maximization of production output
b) Minimization of government intervention
c) Optimization of household utility
d) Maximization of leisure time