1. In the U.S., the capital share of GDP is about 30 percent, the average growth in output is about 3 percent per year? the depreciation rate is about at percent per year.\" and the capital-output ration is about 2.5. Suppose that the production funetion is Cobb-Douglas and the US. has been in a steady state. a. What must the saving rate be in the initial steady state? Hint: use the steady state relationship1 so = [J + n + 9}]?- b. What is the MPK in the initial steady state? c. Suppose that the public policy alters the saving rate so that the economy reaches the Golden Rule level of capital. What will the MPH be at the Golden Rule steady state. Compare the MFR at the Golden Rule steady state to the MPH in the initial steady state. Explain