5) Assume an economy has the following production function: Y=F(K,L)=K'4(E*L)0.6 a) State the production function per effective worker. For this economy, the savings rate is 25 percent, the depreciation rate is 5 percent, the population growth rate is 2 percent, and the technology growth rate is 3 percent. b) Calculate the steady-state capital stock per effective worker, output per effective worker, and consumption per effective worker. If the technology growth rate increases to 5 percent, what happens to the capital stock per effective worker and output per effective worker and consumption per effective worker? d) Will this change cause total output to increase or decrease? e) Illustrate and explain the impact on the steady state capital stock per worker (k*) with the use of well labeled diagrams using the change in (c).5) Assume an economy has the following production function: Y=F(K,L)=K'4(E*L)0.6 a) State the production function per effective worker. For this economy, the savings rate is 25 percent, the depreciation rate is 5 percent, the population growth rate is 2 percent, and the technology growth rate is 3 percent. b) Calculate the steady-state capital stock per effective worker, output per effective worker, and consumption per effective worker. If the technology growth rate increases to 5 percent, what happens to the capital stock per effective worker and output per effective worker and consumption per effective worker? d) Will this change cause total output to increase or decrease? e) Illustrate and explain the impact on the steady state capital stock per worker (k*) with the use of well labeled diagrams using the change in (c)