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Instructor: Nick Manuel Due: Friday October 8th (10:30am AST) 1. There exists an economy that is accurately described by the Solow Model. In this economy, capital depreciates at a rate of o annual, the population grows at a rate of n, and productivity grows at a rate of g. The economy chooses to save the proportion s of it's output each year. These savings are re-invested into new capital that will be available in the following year. The production function in this economy is Y = Ke(L.A,)1-. In per effective worker terms, the production function may be written as y. = ke, where ki = LIA, Answer each of the following questions. a) Solve for the steady state level of ke. Denote this steady state level as k*. (5 points) b) Write down a value for y", the steady state level of yt. (5 points) c) Write down a value for c', the steady state level of c, where c, denotes consumption per effective worker. (5 points) d) Solve for the golden rule savings rate s' that maximizes steady state consumption per effective worker c'. (10 points) e) Does s' depend upon any of the following parameters: a,n,g, or ? For each of these parameters that appear in your solution, explain the intuition behind why s' depends upon