2. Economic growth Suppose yo = 100 and assume that k grows at a constant rate of g = 2 percent per year. If y, = k," what is the approximate value of y in 50 years?
2. Economic growth Suppose yo = 100 and assume that k grows at a constant rate of g = 2 percent per year. If y, = k," what is the approximate value of y in 50 years?
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter16: Creating An Environment For Growth And Prosperity
Section: Chapter Questions
Problem 1CQ
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Suppose yo = 100 and assume that k grows at a constant rate of g = 2 percent per year. If y, = k,
what is the approximate value of y in 50 years?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4748a10c-4a4f-4ce9-8816-6d6a66a7bb52%2F7b925748-cceb-4a30-8fa6-4c4fbd8eda12%2Fp3cwwkk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Economic growth
1/3
Suppose yo = 100 and assume that k grows at a constant rate of g = 2 percent per year. If y, = k,
what is the approximate value of y in 50 years?
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