COVID-19 pandemic is having a major impact on the society and the economy. The cost of the pandemic in terms of human life is mounting, and it is undoubtedly a terrible tragedy. However, let us consider the economic impacts of this pandemic using the Solow model. Suppose that GDP in the United Kingdom is determined by the production function Y, = K,1/3 L?13. Capital accumulats according to the equation AK +1 = 5Y, K. Suppose that the economy is in steady state in 2019, but social distancing reduces the British workforce, L, by 29% in 2020. Calculate the change in GDP in percentages between 2019 and 2020. Explain in words how you did the calculation. . Do wages increase or decrease between 2019 and 2020? Explain your answer. What happens to investment in 2020? What happens to the GDP in subsequent years if the investment rate, S, and the depreciation rate, , is unaffected by the pandemic? Explain your