5 An economy has the per-worker prod uction function Y � 3k o .5 , , where y, is output per worker and k, is the capital-labor ratio. The depreciation rate is 0.1, and the population growth rate is 0.05. Saving is s, � O.3Y" where S, is total national saving and Y, is total output.

a. What are the steady-state values of the capital-labor ratio, output per worker, and consumption per worker? The rest of the problem shows the effects of changes in the three fundamental determinants of long-run living standards.

b. Repeat Part

(a) for a saving rate of 0.4 instead of 0.3.

c. Repeat Part

(a) for a population growth rate of O.OS (with a saving rate of 0.3).

d. Repeat Part

(a) for a production function of y, = 4kp5 Assume that the saving rate and population growth rate are at their original values.