1. (Solow growth model with continuous time, no technological progress) The economy satisfying the assumptions of the Solow model is characterized by the following Cobb-Douglas production function: F (K , L) = 10V K L. Saving rate is 0.8, capital depreciation rate 6 = 0.07 and the population grows at a rate of n = 0.03. a. What is the intensive form of the production function? b. Calculate 1?, y, f oraz % in the steady state. At what pace are K , Y, E growing in the steady state? Does the saving rate affect these dynamics? c. Is this economy dynamically efficient? What conclusions may be drawn from the analysis of the dynamic efficiency of this economy? d. What is the saving rate consistent with the so-called golden rule? What does it mean for consumption