Year GDP Per Capita Population Capital Labor Education 1960 2,397.01 10.668 25,964.18 3.24 3.71 2014 41,522.88 23.434 3,412,746 11.17 11.09 GDP per capita is expressed in 2011 PPP-adjusted US dollars. Population and employment are in millions of people. Capital is in millions of US dollars. Education is the average number of years of school completed among people older than 15. a. GDP per Worker Growth (25 points) Compute the (average continuously compounded) growth rate of GDP per worker (Y/ L). Note/Help: The growth accounting exercise done in class decomposes the growth output per capita ( ) into the growth of its components. In this assignment you need to do it for output per worker ( ). Therefore, assuming a production function as in the slides (Yt = AtK.(H.L.)1-@), then Yt/Lt = At (Kt/ Lt)" (Ht)'-a, where I. = NT For any variable X that grows between the periods of t and t + T (e.g. t = 1960, t + T = 2014), the average continuously compounded growth rate can calculated as g = -1 org = + [In (Xt+T) - In(X.)] b. Growth Accounting (50 points) Use our growth accounting methodology to allocate growth in output per worker to TFP, capital per worker, and human capital. What factors are most important to explain the growth of output per worker in Taiwan? c. GDP per Worker Growth (25 points) What is the growth rate of GDP per capita? How does it differ from growth in output per worker? Why