3. Consider the following variation of the Romer model: K:Wa M=ma Ly, + La: = L LM = if There is only a single difference. The exponent on At, in the production of the output good, has changed. There is now a diminishing marginal product to ideas in that sector. (a) Provide an economic interpretation for each equation. (b) What is the growth rate of knowledge in this economy? (c) What is the growth rate of output per person in this economy? (d) Solve for the level of output per person at each point in time