C I G NX Price Yr1 1000 156 560 52 4 Yr2 1300 159 600 52 5 Yr3 2000 169 690 53 6 Yr4 2900 180 880 53 7 Population Yr1 2 Yr2 2 Yr3 3 Yr4 3 RGDP per capita in the year 1 = 1,768/4*2 = 1,768/4*2 = 221 RGDP per capita in the year 2 = 2,111/5*2 = 2,111/10 = 211 RGDP per capita in the year 3 = 2,912/6*3 = 2,912/18 = 162 RGDP per capita in the year 4 = 4,013/7*3 = 4,013/21 = 191 Change in RGDP per capita from year 1 to year 2, = RGDP per capita in year 2 – RGDP per capita in year 1 (In absolute term) = 211-221 = - 10 Or = [RGDP per capita in year 2 – RGDP per capita in year 1/ RGDP per capita in year 1]*100 (In percentage) =[-10/221]*100 = -5% Change in RGDP per capita from year 2 to year 3, = RGDP per capita in year 3 – RGDP per capita in year 2 = 162 - 211 = - 49 Or = [RGDP per capita in year 3 – RGDP per capita in year 2/ RGDP per capita in year 2]*100 =[-49/211]*100 = -23% Change in RGDP per capita from year 3 to year 4, = RGDP per capita in year 4 – RGDP per capita in year 3 = 191 -162 = 29 Or = [RGDP per capita in year 4 – RGDP per capita in year 3/ RGDP per capita in year 3]*100 =[29/162]*100 = 18% Using the information from above , state how long it will take for Real GDP per capita to double in size.

C I G NX Price Yr1 1000 156 560 52 4 Yr2 1300 159 600 52 5 Yr3 2000 169 690 53 6 Yr4 2900 180 880 53 7 Population Yr1 2 Yr2 2 Yr3 3 Yr4 3 RGDP per capita in the year 1 = 1,768/42 = 1,768/42 = 221 RGDP per capita in the year 2 = 2,111/52 = 2,111/10 = 211 RGDP per capita in the year 3 = 2,912/63 = 2,912/18 = 162 RGDP per capita in the year 4 = 4,013/73 = 4,013/21 = 191 Change in RGDP per capita from year 1 to year 2, = RGDP per capita in year 2 – RGDP per capita in year 1 (In absolute term) = 211-221 = - 10 Or = [RGDP per capita in year 2 – RGDP per capita in year 1/ RGDP per capita in year 1]100 (In percentage) =[-10/221]100 = -5% Change in RGDP per capita from year 2 to year 3, = RGDP per capita in year 3 – RGDP per capita in year 2 = 162 - 211 = - 49 Or = [RGDP per capita in year 3 – RGDP per capita in year 2/ RGDP per capita in year 2]100 =[-49/211]100 = -23% Change in RGDP per capita from year 3 to year 4, = RGDP per capita in year 4 – RGDP per capita in year 3 = 191 -162 = 29 Or = [RGDP per capita in year 4 – RGDP per capita in year 3/ RGDP per capita in year 3]100 =[29/162]*100 = 18% Using the information from above , state how long it will take for Real GDP per capita to double in size.

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

C I G NX Price

Yr1 1000 156 560 52 4

Yr2 1300 159 600 52 5

Yr3 2000 169 690 53 6

Yr4 2900 180 880 53 7

Population

Yr1 2

Yr2 2

Yr3 3

Yr4 3

RGDP per capita in the year 1 = 1,768/4*2

= 1,768/4*2

= 221

RGDP per capita in the year 2 = 2,111/5*2

= 2,111/10

= 211

RGDP per capita in the year 3 = 2,912/6*3

= 2,912/18

= 162

RGDP per capita in the year 4 = 4,013/7*3

= 4,013/21

= 191

Change in RGDP per capita from year 1 to year 2,

= RGDP per capita in year 2 – RGDP per capita in year 1 (In absolute term)

= 211-221

= - 10

= [RGDP per capita in year 2 – RGDP per capita in year 1/ RGDP per capita in year 1]*100 (In percentage)
=[-10/221]*100

= -5%

Change in RGDP per capita from year 2 to year 3,

= RGDP per capita in year 3 – RGDP per capita in year 2

= 162 - 211

= - 49

= [RGDP per capita in year 3 – RGDP per capita in year 2/ RGDP per capita in year 2]*100
=[-49/211]*100

= -23%

Change in RGDP per capita from year 3 to year 4,

= RGDP per capita in year 4 – RGDP per capita in year 3

= 191 -162

= 29

= [RGDP per capita in year 4 – RGDP per capita in year 3/ RGDP per capita in year 3]*100
=[29/162]*100

= 18%

Using the information from above , state how long it will take for Real GDP per capita to double in size.

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