Given the production function Y = 5K⁰.3L⁰.7, divide by L to get output per worker (y) and capital per worker (k):

a) Calculate the steady-state capital stock per worker ($k^{ss}$), output per worker ($y^{ss}$), and consumption per worker ($c^{ss}$).

Step 1: Convert the production function to per-worker terms.
Given the production function $Y = 5K^{0.3}L^{0.7}$, divide by $L$ to get output per worker ($y$) and capital per worker ($k$):

$$y = \frac{Y}{L} = \frac{5K^{0.3}L^{0.7}}{L} = 5 \left(\frac{K}{L}\right)^{0.3} = 5k^{0.3}$$

So, $f(k) =