The Malthusian production function is given by Show on Y = BXLl-where B is the level of technology and X is land that is fixed in supply. Finish re In the Malthusian world, population growth is endogenous and given by 1 = (y - 9). Use these assumptions and the parameter values given in each of the following four questions to answer that question. Express the Malthusian production function in per worker terms by dividing both sides by L. Then apply the growth rate rules to determine #. Which of the following equations is correct? Select one: a. 4 - BY b. I : B B C. B + B- (frac{\\dotty}}y) =\\frac(\\dot{B}}{B)- \\frac(\\dot(L}HL} Your answer is correct. The correct answer is: 4 = = - BY Let 3=0.7 and B=0.02. What is the rate of growth of & at which # = ()? Enter your answer as a rate not as a percent, with three decimal places. Answer: 029 The correct answer is: 0.029 Let 3=0.7 and =0.05. Also assume that the Malthusian population growth is given by = = 0.5(y - 1) What is the Malthusian equilibrium value of ? Enter your answer as a rate (not percent) rounded to two decimal places. (Hint: This equilibrium is shown in Figure 8.4, and this graph may help you compute the solution numerically.) Answer: |0.07