Material to review: Solow growth model; Hall and .lones decomposition of output; Using Excel to solve the Solow Model. Consider an economy with Aggregate Production function in period t given by y. = [rm/1mg"? H = hL where h. is the human capital embodied in each worker and the number of workers is L (which is same as the population). The savings rate for this economy is s = 0.3 which is invested in forming K for the next period; the rate of depreciation of If is 0.05, the rate of population L growth is 0.02. The technology parameter A grows at rate 0.03, human capital per worker it grows at rate 0.01. All growth rates are annual. 1. Write the equations describing the laws of motion for K and Y, per capita equivalents is: and y, and per \"effective labour\" equivalent 1': and :1}. That is describe the values of each variable in year t as a function of their values in the previous year (t _. l). [0 points] 2. Write down the formula for steady state it and j}. [4 points]