Problem 1 (100 points) This problem is about Solow growth model. Assume that Korea is a closed economy. Korea has a Cobb-Douglas production function: Y K1/2 (LE)I/Z where Y denotes output, K capital, L labor, and E labor efficiency. In the past, Korea's population growth rate was 2%, =0.02, and the growth rate of labor efficiency is 2%, g =0.02. Korea was in a steady state. 1) Find out the GDP growth rate. From time , Korea's population growth rate became 1%, =0.01, and the growth rate of labor efficiency became 3%, g =0.03. 2) Find out the long-run impact of the change on GDP growth rate. 3) Find out the long-run impact of the change on the growth rate of GDP per worker. 4) Draw figure that shows what happens over time to GDP per effective worker. Indicate the new steady state in the figure. Please draw it on your answer sheets. t time