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Questions 4 (50h?! Model} Consider Solow model for a country with population growth rate of 11 (14+. = [1 +11} -L,) and the saving rate of s and these two parameters are xed. In this country, the production function is given by1 Yr = AKflqu-rih where o: c: 1 and A = 1, and q; is human capital at time t and assume that the value of or depends on average educational attainment of the country at time t. 1. Provide an equation of the motion for capital. 2. Transform the motion for capital in (1} into per capita term. 3. Provide k, = {E} and y, = {2} at the steadystate and denote them as k\" and y\". Draw a diagram for y\" investment, depreciation of capital per capita, consumption. 4. Suppose economy at the current period is given by is = h] where kg is midpoint between D and it\". Show, as time goes by, how in and y; change over time. 5. Compare the following two economies A and B Country as average individual's educational attainment is 8 years while lCountry B's average individual's educational attainment is 12 years. Suppose everything else is the same. Both contries initial kg = 55'. Compare k\"?! and k\"; and also yfq and #9513. Explain the role of savings rate and average educational attainment play in the level of income per capita at the steady state. 6. Evaluate the following statement that the most important thing for economic growth is to promote \"investment" in various forms according to Solow growth model. I The solow model we have studied up to now is in many ways capital-based theories of economic growth as it focuses on modeling the accumulation of physical and human capital. However, it is said that the model emphasizing the importance of technology. Why