5.1 Consider the following economy: Y = AKILI FYI: for this production function.(#) = ACK); Parameter Value Investment rate (0) 8% Depreciation rate for capital (8) 5% Population growth (g,) 2% Productivity level (A) 12 Productivity Growth (g4) 3% Currently, the economy has a labour force of 8,000 and a capital stock equal to 24,000. 5.1.1 Calculate this country's current rate of economic growth. (8 marks) 5.1.2 How fast will country grow annually once its steady state is reached. (7 marks) 5.2 Explain why the stylized facts are necessary to organize the discussion in economic growth. (10 marks)