Consider two economies (Economy 1 and Economy 2) whose production functions are given by the following functions: ! = "!#" and $ = %!#%. Note that A and B represent ideas. Economy 1 has an aggregate wage bill of 600 billion and an aggregate GDP of 800 billion. Economy 2 has an aggregate wage bill of 50 billion and an aggregate GDP of 100 billion. a) Economy 1's GDP last year was of 760 billion. Economy 2's GDP last year was of 90.91 billion. What is the annual growth rate of GDP for these two economies? b) What are the "capital share (, b)" and the "labor share (1 - , 1-b)" for these two economies? What is the meaning of these numbers, intuitively? The growth rate of capital / for Economy 1 is 2%, and the growth rate of labor / is 4%. The growth rate of capital / for Economy 2 is 10%, and the growth rate of labor / is 10% as well. c) Find the growth rate of ideas / , / for these two economies. d) What can you say about Economy 2's growth rat