5) Purpleland's Real GDP was 196 billion dollars in 2006 and 206 billion dollars in 2007. Purpleland's population growth rate was 2% in 2007. a. If Purpleland's 2007 economic growth rate and population growth rate are maintained, how long will it take for Purpleland's RGDP/capita to double? end ol b. If Purpleland's 2007 economic growth rate is maintained but the population growth rate falls to 1.5%, how long will it take for Purpleland's RGDP/capita to double?

5) Purpleland's Real GDP was 196 billion dollars in 2006 and 206 billion dollars in 2007. Purpleland's population growth rate was 2% in 2007. a. If Purpleland's 2007 economic growth rate and population growth rate are maintained, how long will it take for Purpleland's RGDP/capita to double? end ol b. If Purpleland's 2007 economic growth rate is maintained but the population growth rate falls to 1.5%, how long will it take for Purpleland's RGDP/capita to double?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

**Problem Statement on Real GDP and Population Growth**

Purpleland's Real GDP was 196 billion dollars in 2006 and 206 billion dollars in 2007. Purpleland's population growth rate was 2% in 2007.

**a. Economic and Population Growth Rates Constant**

- **Question**: If Purpleland's 2007 economic growth rate and population growth rate are maintained, how long will it take for Purpleland’s RGDP/capita to double?

**b. Economic Growth Rate Constant, Reduced Population Growth Rate**

- **Question**: If Purpleland's 2007 economic growth rate is maintained but the population growth rate falls to 1.5%, how long will it take for Purpleland’s RGDP/capita to double?

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