In the Malthus model, suppose that everyone becomes "workaholic" (in other words, hour worked per person (" H ) increases) permanently at time 5. Assume that Ass=ss=D=1. - Analytically investigate what happens to (1) population, (2) real wages, and (3) output at the new steady state. Are they higher or lower at the new steady state than at the old steady state? - Analyze the dynamic effects of the permanent increase in hours worked per person, using the population diagram and labor demand curve. - Draw the evolution over time of (1) population, (2) real wages, and (3) output based on your analysis of the population diagram and labor demand curve above. Part B Now assume that the increase in H is only for one period. That is, H is high at time 5 , but returns to the original level at time 6 and stays there thereafter. In the Malthus model, suppose that everyone becomes "workaholic" (in other words, hour worked per person (" H ) increases) permanently at time 5. Assume that Ass=ss=D=1. - Analytically investigate what happens to (1) population, (2) real wages, and (3) output at the new steady state. Are they higher or lower at the new steady state than at the old steady state? - Analyze the dynamic effects of the permanent increase in hours worked per person, using the population diagram and labor demand curve. - Draw the evolution over time of (1) population, (2) real wages, and (3) output based on your analysis of the population diagram and labor demand curve above. Part B Now assume that the increase in H is only for one period. That is, H is high at time 5 , but returns to the original level at time 6 and stays there thereafter