a) Explain with respect to the LRAS, how economic growth occurs in the very long run. What causes this? b) At what rate is the economy found to grow in the very long run according the Solow Growth model? Explain in your own words why this result occurs (Hint - consider the constant returns assumed in the production function). c) At what rate are living standards measured as GDP per person found to grow in the very long run according the Solow Growth model? Explain why this is the case with respect to real wages. d) Showing using an AS-AD diagram how inflation is determined in the long run in the presence of this growth in both demand and supply. e) Show using the quantity theory equation this result that you have shown diagrammatically in part b. f) Explain why the SRAS does not shift as far as the LRAS if there is inflation in the economy. g) Using a well-labeled diagram of the Solow growth model, show the steady state of an economy with growth in population and technology. Identify on your diagram the steady state levels of capital, income, investment and consumption person. Write down the steady state