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. Answer the following questions Using a Cobb-Douglass production function with human capital Y = K\" (AH)1'\" a) What is development (level) accounting? Derive the formula for level accounting. b) What is growth accounting? Derive the formula for growth accounting. c) Hall and Jones (1999) examine the determinants of output per capita across countries. Which method do they use? Their table below shows the results of their analysis for a selected set of countries. (1) Using the table below compare and contrast France, Mexico, and India in terms of how differences in their levels of income can be explained. What do you conclude? TABLE I PRODUCTIVITY CALCULATIONS: RATIOS TO U. S. VALUES Contribution from Country Y/L (K/Y) /(1-a) HIL A United States 1.000 1.000 1.000 1.000 Canada 0.941 1.002 0.908 1.034 Italy 0.834 1.063 0.650 1.207 West Germany 0.818 1.118 0.802 0.912 France 0.818 1.091 0.666 1.126 United Kingdom 0.727 0.891 0.808 1.011 Hong Kong 0.608 0.741 0.735 1.115 Singapore 0.606 1.031 0.545 1.078 Japan 0.587 1.119 0.797 0.658 Mexico 0.433 0.868 0.538 0.926 Argentina 0.418 0.953 0.676 0.648 U.S.S.R. 0.417 1.231 0.724 0.468 India 0.086 0.709 0.454 0.267 China 0.060 0.891 0.632 0.106 Kenya 0.056 0.747 0.457 0.165 Zaire 0.033 0.499 0.408 0.160 Average, 127 countries: 0.296 0.853 0.565 0.516 Standard deviation: 0.268 0.234 0.168 0.325 Correlation with Y/L (logs) 1.000 0.624 0.798 0.889 Correlation with A (logs) 0.889 0.248 0.522 1.000 The elements of this table are the empirical counterparts to the components of equation (3), all measured as ratios to the U. S. values. That is, the first column of data is the product of the other three columns