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Assume a closed economy Country 1._ with no government. is characterized by the following production f unctiun: Y = 5K1f3L2j3 The savings rate 3 in this economy is s = 0.51}, the rate at which capital depreciates is :5 = 0.04. and the growth rate of the population r1 = 0.06 {there's no technological growth so 9 = {l}. 1. Calculate the steadystate level of capital per worker [k'], output per worker {y'L con sumption per worker [6}, and investment per worker {3"}. 2. (4 points) If the current population is equal to L = 20, calculate aggregate output (Y) and the capital stock (K) assuming that we are at the steady-state. 3. (4 points) Consider another country, Country 2 with everything same as above but with savings rate s = 0.16 and population growth rate n = 0.16. Calculate the steady level of capital per worker (k*), output per worker (y*) for Country 2. 4. (4 points) What is the ratio of the per capita output for these two countries based on the Solow model at the steady state? What is the ratio of per capita investment for these two countries at the steady state