Graphically show how it is possible that two steady states exist if a group of economies have similar rates of depreciation, population growth and technological progress. Under which conditions might the economy eventually end up in the low k steady state? Explain the intuition. b) Based on the diagram above, provide an example of group of countries that are converging to similar per capita income? Are there any studies (search in google scholar or ProQuest and cite two studies) to support your claim? (4 points)
Type your answer (one large paragraph). Draw appropriate diagram by hand if necessary, take photo and insert it.