Consider the Solow growth model. Suppose that the production function is constant returns to scale and it is explicitly given by: Y=AKLi-a a. What is the level of output per capita, y, where y = Y/L? b. Individuals in this economy save s fraction of their income. If there is population growth, denoted by n, and capital depreciates at the rate of & over time, write down an equation for the evolution of capital perita, k k = K/L over time, denoted by 4k. c. On a Solow diagram show the steady state levels of k, y, c and i. d. Assume that the country is in its steady state. Explain what happens if due to a pandemic population growth rate declines (hint: identify which parameter is affected and how). Illustrate your answer on a Solow diagram.