1. (20 points) Consider the economic development on two new world islands first settled in the early 17th century, AD. Island A is well suited to the cultivation of rhubarb for which we will assume the minimum efficient scale is very large. Island B is well suited to the cultivation of parsnips for which we will assume the minimum efficient scale is small enough to make the family farm optimal. Based on the ideas presented by Sokoloff and Engerman, which Island today enjoys the highest rate of economic growth today? a. For Island A, list the steps in chronological order that describe the path from the initial endowment described in the problem to the final rate of growth. b. For Island A, list the steps in chronological order that describe the path from the initial endowment described in the problem to the final rate of growth. C. Explain your answers in parts b and c and how it is that they lead to different rates of economic growth. 1. (20 points) Consider the economic development on two new world islands first settled in the early 17th century, AD. Island A is well suited to the cultivation of rhubarb for which we will assume the minimum efficient scale is very large. Island B is well suited to the cultivation of parsnips for which we will assume the minimum efficient scale is small enough to make the family farm optimal. Based on the ideas presented by Sokoloff and Engerman, which Island today enjoys the highest rate of economic growth today? a. For Island A, list the steps in chronological order that describe the path from the initial endowment described in the problem to the final rate of growth. b. For Island A, list the steps in chronological order that describe the path from the initial endowment described in the problem to the final rate of growth. C. Explain your answers in parts b and c and how it is that they lead to different rates of economic growth