Question: Please write clearly, Thanks! 1. (35 points) Solve the following dynamic optimization problem using the method of optimal control: 00 minf (KW$2 + 2n; 112

Please write clearly, Thanks!

Please write clearly, Thanks! 1. (35 points) Solve the following dynamic optimization

1. (35 points) Solve the following dynamic optimization problem using the method of optimal control: 00 minf (KW$2 + 2n; 112 + ijdt 0 subject to 13' = :.." 21:. + 1, where 53(0) = 1:0. Let m(t] be the current value multiplier. (a) Find the steady state and the optimal path in a phase diagram. Please put aft) on the horizontal axis and m(t) on the vertical axis in the phase diagram. (h) Calculate the optimal :r(t) and m{t] analytically. {There is no need to nd the constants of integration.) (c) In a phase diagram, show the eect of a sudden increase in s" when the system was in the steady state

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