Solow Model Problems. Suppose the economy of Creed can be described with the following production function: Yt = Kt5 tog; where K is the capital stock and L is the number of workers (population). The country has savings of 25%, population growth 01'336 and depreciation rate of 5%. The capital stock (K) is currently 20 and the number of workers (L) is 5. (aJWhat is the steady state level of capital per person 06')? [bJWhat is the steadyr state level of output per person hr\")? (c) What is the growth rate of output (not GDP per capita}? (d) Is the country in its steady state? It not. in 1 or 2 sentences, describe the transition path of income per capita