(b) (5 points) Suppose we observe the following growth rates in various economies. A European economy: g(Y/L) = 0.03, g(K/L) = 0.03. A Latin American economy: g(Y/L) = 0.02, g(K/L) = 0.01. An Asian economy: g(Y/L) = 0.06, 9(K/L) = 0.15. Using the data above, discuss whether or not each economy is on its balanced growth path. (c) (5 points) For each economy above compute the growth rate of TFP, assuming that the share of capital in total income equals 1/3