Answer this question according lecture discussion. You must show your step-by-step derivation with explanation and relate your graphs to explanation or a zero will be assigned. (a) Suppose the aggregate production function Y = F(K, N, H, R) where Y is output, K is physical capital, N is number of workers, H is human capital, and R represents access to resources. Demonstrate how we can modify this aggregate production function into an indicator of living standard measurement with the assumption of long-run competitive equilibrium. Explain why most studies focus on the relationship between Y/N and K/N. Use a properly labeled graph to help you explain the concept of "catch-up" effect on living standard between the "rich" and the "poor", and its associated policy implication. (13 marks) (b) Explain the major criticisms on the concept of "catch-up" effect. What are the modifications that can make the analysis more realistic? Use a separate properly labeled graph to help you explain the outcomes of living standard analysis with the modifications incorporated. What is the new policy implication and is it compatible with the idea of building "a wall" to stop illegal immigrants from Mexico? Does the idea of "a wall" represent an effective barrier that can block migration or resist invasion? (15 marks)