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EXERCISE 1 1n the table below are statistics showing the labor force and total employment in month 1 and month 2 of the same year. Make the computations necessary to complete the table. (Number of persons is in thousands.) Calculate: l-The Labor Participation Rate 2-The Unemploynnent Rate I 3-The Employment Rate 4-If 300 unemployed workers became discouraged and stopped searching for a job, what happens to the unemployment rate? Explain your answer. Month 1 Month 2 Labor force 13629? 132065 Employed 129558 129556 Unemployed Unemployment rate (%) Employment rate (913) Working age population 263278 263526 LF Participation rate 1. Suppose that the economy's production function is Y = K.5 (eL).5 , that the saving rate, s, is equal to 10 percent, and the depreciation rate, S, is equal to 3 percent. Suppose further that the number of workers, L, grows at 1 percent a year and that the rate of technological progress, g, is 1 percent per year. Find the steady-state values of the following: a. The capital stock per efficiency units of labor. b. Output per efficiency units of labor. C. The growth rate of output per efficiency units of labor. d The growth rate of output per worker. e. The growth rate of output5. Consider a Solow growth model with population growth rate n > 0. Assume the technology growth rate is 0. Let k*(s) be the steady-state capital-labor ratio given savings rate s. (a) Show that the steady-state capital-labor ratio k* (s) is increasing in the savings rate s. (b) Express the steady-state per-capita consumption c* as a function of savings rate s. (c) Using the function above, express the condition for the savings rate s* that maximizes the steady-state per-capita consumption (i.e., what condition(s) would s* have to satisfy?). (Such a savings rate is called the golden-rule savings rate.) (d) Assume Cobb Douglas production function F(K, L) = KoLl-a where 0