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1) The following three equations describe a basic dynamic general equilibrium closed economy (1) 1, = F(k) (2) (3) i) Provide a brief explanation of

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1) The following three equations describe a basic dynamic general equilibrium closed economy (1) 1, = F(k) (2) (3) i) Provide a brief explanation of each equation. ii) Solve this model for the maximum steady-state level of consumption (i.e. the "Golden Rule") and provide an interpretation of this result. ini) Solve this model in the case of a "central planner" maximizing the infinite discounted stream of utility of a "representative agent". iv) Use an illustration to compare the two solutions found above in parts ii) and iii ) . v) Write out a version of this model for a "decentralized" economy and explain what conditions are necessary for this decentralized economy to replicate the results found for the "central planning"

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