This is an extremely simple human capital accumulation problem. Let ht denote human capital of generation t (i.e., human capital of people born in year t). Suppose that human capital accumulates as a...

This is an extremely simple human capital accumulation problem. Let ht denote human capital of generation t (i.e., human capital of people born in year t). Suppose that human capital accumulates as a result of education spending, denoted by x and measured in 1,000 US dollars. If x = 30, the total spending is 30,000 US dollars and human capital of this individual is equal to ht = 2√x . Suppose that every individual has the same human capital, and output per individual is yt = Aht , where A > 0 is a fixed technology parameter. Find the (long-run) growth rate of yt . Show all your work, and interpret your results.