Part II. (40 points) Answer all questions in this part. (10 PLS) 1. Solow Model: This question asks you to apply concepts from the chapter on the Solow model. Ensure you label all graphs clearly! (a) (1 pt) Draw the Solow growth model in steady state (b) (3 pts) Suppose the government believes the country's consumption has been excessive, and decides to reduce consumption immediately by increasing the savings rate. Illustrate this policy adjustment in a Solow growth model and identify any new steady states. (c) (3 pts) Suppose scientists find a chemical that makes all the machinery that comprise a nation's capital stock more durable, i.e. the machines will be able to be used for a longer time period. Illustrate the implications of this discovery in a Solow growth model. (d) (3 pts) In a Solow growth model, draw the effect on the U.S. economy of the invention of the internet