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C. The growth rate of output per efficiency units of labor d. The growth rate of output per worker e. The growth rate of outputESSAY

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C. The growth rate of output per efficiency units of labor d. The growth rate of output per worker e. The growth rate of outputESSAY QUESTIONS Provide no more than 5-6 sentences each for the four questions below. Each question is worth 15 points. 1. Suppose that the economy's production function is Y = K.5 (eL)-5 , that the saving rate, s, is equal to 10 percent, and the depreciation rate, d, is equal to 3 percent. Suppose further that the number of workers, L, grows at 1 percent a year and that the rate of technological progress, g, is 1 percent per year. Find the steady-state values of the following: a. The capital stock per efficiency units of labor b . Output per efficiency units of labor

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