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Assume that an economy is described by the Solow growth model as below: Production Function: Y = K(EL) 1/2 Depreciation rate: d. Population growth rate: n. Technological growth rate: g. Savings rate: S. a. What is the per effective worker production function? b. Show that the per effective worker production function derived in part a above exhibits diminishing marginal product in capital per effective worker. c. Solve for the steady state output per effective worker as a function of s,n,g, and d. d. A developed country has a saving rate of 28 percent and a population growth rate of 1 percent per year. A less developed country has a saving rate of 10 percent and a population growth rate of 4 percent per year. In both countries, g=0.02 and 8=0.04. i. Find the steady state value of output per effective worker, ysteady state for each country. ii. Illustrate your answer with a graph showing steady state capital per effective worker, output per effective worker and consumption per effective worker. e. Solve for the golden rule level of capital per effective worker and output per effective worker. f. Discuss at least two policies that the less developed country might want to pursue to raise its living standard? Explain your answer in the context of the Solow growth model's prediction. Assume that an economy is described by the Solow growth model as below: Production Function: Y = K(EL) 1/2 Depreciation rate: d. Population growth rate: n. Technological growth rate: g. Savings rate: S. a. What is the per effective worker production function? b. Show that the per effective worker production function derived in part a above exhibits diminishing marginal product in capital per effective worker. c. Solve for the steady state output per effective worker as a function of s,n,g, and d. d. A developed country has a saving rate of 28 percent and a population growth rate of 1 percent per year. A less developed country has a saving rate of 10 percent and a population growth rate of 4 percent per year. In both countries, g=0.02 and 8=0.04. i. Find the steady state value of output per effective worker, ysteady state for each country. ii. Illustrate your answer with a graph showing steady state capital per effective worker, output per effective worker and consumption per effective worker. e. Solve for the golden rule level of capital per effective worker and output per effective worker. f. Discuss at least two policies that the less developed country might want to pursue to raise its living standard? Explain your answer in the context of the Solow growth model's prediction