3. Consider a closed economy with no government. The annual production function of the economy is given by 1"}, 2 AK: "(21-17th2 where A = 8. The economy saves 10% of its income and capital depreciates 5% each year. (a) Find the production function per capita. and draw.r a capital accumulation diagram. (b) Calculate the country's income and consumption for an initial level of capital per person of $144. (c) Suppose the country introduced a new technology that changes A to 10. Calculate the income growth caused by this technological advance for the initial level of capital. Explain. (d) Show the transition dynamics to the new steady-state of the economy