1. HE. and Chinese GDP Growth in the Long Run. China is a country with a very high savings rate a, about 40%. The U.S. has a much lower savings rate: closer to 15%. (There are many reasons for this difference.) For this question= assume that the population growth rate it, technology growth rate g, depreciation rate 5: and production function it} in China are the same as in the U.S. a] According to the full Solow growth model (with technology growth), what does this higher savings rate imply about the steady state of China\" s output per effective worker relative to the U.S.'? Draw a diagram to help illustrate your answer. b] China's GDprerson has been growing at about 8.2%fyear for the past 25 years, while GDprerson in the U.S. has been growing closer to 2%fyear. According to the full Solow growth model {with technology growth]: how will the growth rate of China's GDprerson compare to that of the US. once these two economies reach their steady states? c] According to your analysis in part b: can China's GDprerson continue to grow at its historical average rate of 3.2%fyr. for the indenite future= while the U.S."s steady-state growth rate of GDprerson is around 2%fyr