1) (18pts) Solow Growth Model: Suppose a fictional island called San Bruno in the Mediterranean Sea has a production function of Y=50K1/3 L2/3. Note that capital per worker is k=K/L and output per worker is y=Y/L. Suppose there is no population growth and no technological improvements in San Bruno. Assume the savings rate in San Bruno is 15% and capital wears out over the course of 20 years on average. a) (1pt) What is the depreciate rate in San Bruno? b) (1pt) Convert the production function into Solow format, (i.e., per worker basis.) c) (2pts) Suppose K=8000 and L= 1000. Calculate k and y. d) (5pts) Assuming an unchanged production function, depreciation rate, and savings rate find the steady state level of k and y. Explain, in words, how the economy will gravitate towards this steady state