6. Predicting steady states and growth rates: Consider the data in the table below. Per capita Investment TFP Country GDP, 2017 rate s (%) A United 1.000 23.5 1.000 States Switzerland 1.151 28.8 1.052 Hong Kong 0.741 27.0 0.772 Canada 0.776 25.1 0.811 France 0.709 24.1 0.771 Japan 0.734 28.1 0.752 South Korea 0.666 36.9 0.713 Argentina 0.300 15.9 0.532 Mexico 0.311 19.6 0.502 Thailand 0.287 27.7 0.468 India 0.117 24.7 0.270 Kenya 0.056 11.9 0.194 Ethiopia 0.029 15.7 0.114(a) Assuming no differences in TFP (ignore the last column) or the rate of depreciation across countries, use the data in the table to predict the ratio of per capita GDP in each country relative to that in the United States in steady state. (b) Now do the same exercise assuming TFP is given by the levels in the last column. Discuss briey the differences you nd in these two approaches. (c) Based on the numbers you nd with the TFP differences, compute the percentage gap between the steady-state income ratio and the ratio in 2017 (as shown in the table). Use the actual 2017 ratio in the denominator. (d) Apply the principle of transition dynamics to rank the countries in order of expected growth rate over the coming decades, from fastest to slowest