question a b c. specific explaintion

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-4. An economy described by the Solow-Swan model has the following production function: L=8(LK)0.5 where Y is aggregate output, K is capital and L is labour. Also, assume the saving rate is =0.3, population growth n=3% and depreciation d0=3%. (a) Compute the steady-state values of capital-lahour ratio, K/L, and output per worker. Y/L. Assume the economy is initially in its steady state. Suppone capital depreciation increases to d1=5%. (b) Compute the new steady-state values of eapital-labour ratio, K/L, and output per worker, Y/L. c) Using the same production function as above: A developed country has a saving rate of 28 percent and a population growth rate of 3 percent per year. A lessdeveloped country has a saving rate of 10 percent and a population growth rate of 6 percent per year. In both countries, depreciation is d=0.04. Find the steady-state value of Y/L. for each country. -4. An economy described by the Solow-Swan model has the following production function: L=8(LK)0.5 where Y is aggregate output, K is capital and L is labour. Also, assume the saving rate is =0.3, population growth n=3% and depreciation d0=3%. (a) Compute the steady-state values of capital-lahour ratio, K/L, and output per worker. Y/L. Assume the economy is initially in its steady state. Suppone capital depreciation increases to d1=5%. (b) Compute the new steady-state values of eapital-labour ratio, K/L, and output per worker, Y/L. c) Using the same production function as above: A developed country has a saving rate of 28 percent and a population growth rate of 3 percent per year. A lessdeveloped country has a saving rate of 10 percent and a population growth rate of 6 percent per year. In both countries, depreciation is d=0.04. Find the steady-state value of Y/L. for each country