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Part 2 Consider the endogenous growth model in which time can be used for work (it) or human capital accumulation (1 15). Output is produced according to Y = zuH, where z is total factor productivity and H is the current stock of human capital. The future human capital stock is given by H ' = M] u)H, where 5 represents eiciency in producing new human capital. The initial (current) human capital stock is H = 100. The economy is characterized by the following parameters: b = 6.1, 2 = 15, and u = 0.83. (a) Calculate future human capital (H '), and the growth rate of human capital. (b) Calculate current output (Y), future output (1\"), and the growth rate of output. How does it compare to the growth rate of human capital? (c) Suppose the government cuts technology funding for education, and as a result b declines to b = 6.0. Calculate the growth rate of output following this change. ((1) Are the growth rates you found in parts a and c the same or different? Explain intuitively why this policy change did or did not a'ect the economy's growth rate. (e) Explain how the decrease in b will affect (if at all) the current levels of human capital, output, and consumption: H, Y, and C. If there is no effect, explain why. (f) Explain how the decrease in b will affect (if at all) the future levels of human capital, output, and consumption: H', Y' , and C' . If there is no effect, explain why. (g) Explain how the decrease in b will affect the growth rates of human capital, output, and consumption. If there is no effect, explain why. (h) Draw a graph of logoutput, ln'), over time for this economy and illustrate how the decrease in b affects current and future output. 4. (a) Division- AY of STATUSLINE Ltd. is a profit centre which produces four products M, N, O and P, Each product is sold in the external market also. Data for the products are: Particulars M N O P Market price per unit (() 300 292 280 260 Variable production cost per unit ({) 260 200 180 170 Labour hours required per unit (hrs.) 2 3 Product P can be transferred to Division-BZ, but the maximum quantity that may be required for transfer is 2,500 units of P. The maximum sales in the external market are: M-2800 Units; N-2500 Units; O-2300 Units; and P-1600 Units. Division-BZ can purchase the same product at a price of 0. Remember that Jensen's inequal- ity says Ef (x) 2 f (Ex) if and only if f concave. Use Jensen's inequality to show analytically that, in fact, Robert purchases the insurance at premium a if and only if a