1. Negative Population Growth. (35 points) Many high income countries have fertility rates below replacement. Declining fertility in developing countries makes it possible and likely that we will see overall negative population growth rates worldwide in the coming decades. This question would like you to consider the implications for economic growth (i.e., growth in output per worker). (a) Explore the possible implications of negative population growth in the Solow model. (b) Are the semi-en dogenous and endogenous growth models of Romer Chapter 3.1-3.3 appro- priate for studying a world with negative population growth? Why or why not? (c) If you were a Social Planner trying to maximize the welfare of current and future generations (assuming each generation has an equal weight), what factors would you consider when you design an optimal policy with respect to the fertility rate