In 2018, U.S. output was $20.5 trillion, and Chinese output in 2017was $13 5 trillion Suppose that from 2017, theoutput of China grows at an annual rate of 7.9% per year, whereas the output of the United States grows from 2018at an annual rate of 2.2% per year.Using these assumptions and a spreadsheet, calculate and plot U.S. and Chinese output from 2017 or 2018 over thenext 25years.The level of U.S. output in 25 years will be $ 35.32 trillion. (Round your response to two decimal places.)The level of Chinese output in 25 years will be $ 90.38 trillion. (Round your response to fwo decimal places)How many years will it take for China to have a total level of output equal to that of the United States?

All calculations given below, Equilibrium level were demand is equivalent to supply.

18, U.S. output was $20.5 trillion, and Chinese output in 2017was $13 5 trillion. Suppose that fro ut of China grows at an annual rate of 7.9% per year, whereas the output of the United States gro annual rate of 2.2% per year. g these assumptions and a spreadsheet, calculate and plot U.S. and Chinese output from 2017 c 25years level of U.S. output in 25 years will be $35.32 trillion. (Round your response to two decimal plac level of Chinese output in 25 years will be $90.38 trillion (Round your response to fwo decimal

18, U.S. output was $20.5 trillion, and Chinese output in 2017was $13 5 trillion. Suppose that fro ut of China grows at an annual rate of 7.9% per year, whereas the output of the United States gro annual rate of 2.2% per year. g these assumptions and a spreadsheet, calculate and plot U.S. and Chinese output from 2017 c 25years level of U.S. output in 25 years will be $35.32 trillion. (Round your response to two decimal plac level of Chinese output in 25 years will be $90.38 trillion (Round your response to fwo decimal

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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