Economics A4.1 ( Please type out your answer in a blank Word document with other questions, clearly labelling this question as A41, and submit the word file after you finish the essay questi Consider for a given economy, the production function is: Y = K"(AN ) 1-a where Y is the total output with o = 1/3, K represents the capital used in the production process and AN represents the number of effective worker used in the production process. Also, saving rate (s) = 5%, depreciation rate (6) = 2%, rate of population growth (9x) = 1%, rate of technological progress (gA ) = 2%. Calculate the steady state values of the following for this economy: 1. The growth rate of output and the growth rate of output per effective worker (5 points) 2. The growth rate of capital stock per effective worker (5 points) Now, assume that the technological progress increases to 5% per year: 3. Re-calculate all of the three variables. (5 points) 4. What are your observations, explain. (5 points)