Question: 2.(20 points) An economy has the per-worker production function 1 = 20k3 where y, is output per worker and &, is the capital-labor ratio. The

2.(20 points) An economy has the per-worker production function 1 = 20k3 where y, is output per worker and &, is the capital-labor ratio. The depreciation rate is 0.12, and the population growth rate is 0.08. Saving rate is $=0.16. a. What are the steady-state values of the capital-labor ratio, output per worker, and consumption per worker? b. Repeat Part (a) for a saving rate of 0.1

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