Suppose Canada's aggregate production function is given by the following:

Y = 200K L Variables are defined as they were in class. Suppose the savings rate in Canada is 15% (s = 0.15), the depreciation rate is 5% (6 = 0.05), and the population growth rate is 3% (n = 0.03). a) (5 Marks) Calculate the steady-state level of capital per worker and output per worker in Canada's economy. b) (5 Marks) Determine the annual growth rate of GDP and capital stock in the Canadian economy. What is the source of this growth? Suppose the country goes through a demographic transition and the population growth rate declines to 1%. c) (10 Marks) Using excel, calculate and then graph the resulting annual growth rate of GDP per worker for the following 100 years. What is the new steady state level of GDP per capita? Explain intuitively how the lower population growth rate led to a change in GDP per worker