Consider two countries. Country 1 has a production function given by = 2 ! " ! " and Country 2 has a production function given by = ! " ! ", where Y is total output, K measures total capital in the economy and L is the total amount of labour. Assume that both countries have the same depreciation rate (2%) and the same population growth rate (3%). a) The governments of both countries 1 and 2 would like to achieve an identical standard of living for their people; namely, output per person of 8. Calculate the savings rate that each country will need to have in order to achieve this targeted standard of living. (6 marks) b) Using words and/or a diagram, provide economic intuition for your answer in part (a).