Assume an economy has the following production function: Y=K0.7L0.3 Y: output; K: capital stock and L: labor 1. Derive the per-worker production function (y). 2. Assume that each period the economy saves a fraction s of its output to make investment in capital. Capital stock depreciates at the rate of . Population grows at the rate of n. Derive the equation that describes the accumulation of capital per worker (k). 3. If =14%, n=1% and the capital-output ratio is K/Y=2. Calculate the saving rate, the steady state capital stock per worker, output per worker and consumption per worker.