-_ Part II. Shortanswer Questions You have four questiOns need to nish. Total points = 80, 20 points each. Please make sure your - _ answer is clear for grading. To \"get full credit, you need follow instructions of the question, and prettent correct and detailed (step-bystep) answer to the question. 1. In 2020, the pandemics of Coronavirus has caused an unprecedented global economic crisis. For example, in the United States, the Covid- 19 has damaged total national output of this country v1a several channels, including a supply shock, a demand shock and a historical nancial shock. The inuence of this heath crisis varied by industries and across subsectors within an industry. Suppose, we can use a Cobb- Douglas production function to estimate national output (1') of the US economy as Y}: AK \"1.1\"\" , where it indicates the year Here X indicates total capital input and L IS total labor, and we haven = 30% or 0.3. Also, we know the coefcient. of A is the total factor of productivity (TFP). As a benchmark, the value ofA = 2 in 2019. Thus, the production function of GDP in 2019 can be expressed as 1'29 19 = 2K\"L1'\". Please use the following information to estimate national output (GDP) growth rates in 2020 and 2021. Note: You can use _ 2019' 5 GDP as a benchmark and estimate growth rate of 2020 based on the level of 2019. Here we assume a has the same value ((1: 0 3). (1) During the pandemics, the high personal saving rate delayed capital accumulation, though scal stimulus package repaired some disrupted credit intermediation. However, total capital stock (K) grew slowly 5% in 2020. In the labor market, the damage caused by Covid-l 9 has been the most severe one in recent history. Economic shutdown and laid-off substantially lowered labor supply and participation. Compared with 2019, total labor stock (L) fell 19%.in 2020 (or it was 81% of 2019). The only noticeable progress was a fast increase of total factor productivity - (factor A), thanks for applications of digital tecImology. Its value jumped up from 2 of 2019 to a higher value of 2. 2 m 2020 According to the information given, how much IS the yearly GDP growth rate in 2020 compared with 2019 (2) Now suppose in 2021, total labor stock (L) recovered to 95% of the 2019 level. And capital stock (K), after several rounds of economic stimulus packages, reached at 108% of the 2019 _ level. In 2022, labor stock (L) reaches to 102% of the 2019 level and capital stock (K) is 110% of the 2019 level. Given the same total factor productivity as 2019;}(factor A = 2) in 2021 and 2022, how much will be economic growth rate from 2021 to 2022