1. Average Annual Growth Rates of Population by Country Group 1950-2000 2000-2050 More Developed 0.8% 0.0% Less Developed 2.1% 0.8% Least Developed 2.4% 2.1% Using the data from the above table (Weil, 3"d edition, Table 5.2, page 136) where the only change is in the growth rate of population between the two time periods. Assume that rate of depreciation =5% and a =1/2. Use the Solow model to calculate how much the change in population growth between the period 1950- 2000 and 2000-2050 would affect the steady state level of output per worker for A) the most developed countries compared to the least developed countries. Verbally, interpret your answers. B) Suppose that in the least developed group of countries, between the two above time periods, the savings rate increases from 1% to 2% how would your answer for the least developed countries change. Graphically illustrate your answer being careful to label your graph