GRAPH SETTINGS Reset Country-X Initial Value ($50 – $10,000) 1,000.00 Value (thousands of dollars) [Country-X = Country-Y] Growth Rate: 3% 10 9 0.1% 10.0% 8 Country-Y Initial Value 6 ($50 – $10,000) 2,000.00 5 4 Growth Rate: 1% 3 0.1% 10.0% 2 1 35.4 yrs. E CALCULATIONS 5 10 15 20 25 30 35 40 Years Value in Country-X Country-Y 10 years $1,343.92 $2,209.24 20 years $1,806.11 $2,440.38 Country-X Country-Y 30 years $2,427.26 $2,695.70 Instructions: Modify the settings in the interactive tool as needed to answer the questions below. Suppose countries X and Y each produce $2500 of goods and services per year. Country X experiences 1.0% growth per year, while country Y experiences 2.0% growth per year. a) What is Country X's production after 15 years? $[ b) What is country Y's production after 15 years? $ c) If two amounts are initially equal but one grows twice as fast (ex: 1.0% growth versus 2.0% growth), the amount that grows faster will have increased by (Click to select) V twice as much.

GRAPH SETTINGS Reset Country-X Initial Value ($50 – $10,000) 1,000.00 Value (thousands of dollars) [Country-X = Country-Y] Growth Rate: 3% 10 9 0.1% 10.0% 8 Country-Y Initial Value 6 ($50 – $10,000) 2,000.00 5 4 Growth Rate: 1% 3 0.1% 10.0% 2 1 35.4 yrs. E CALCULATIONS 5 10 15 20 25 30 35 40 Years Value in Country-X Country-Y 10 years $1,343.92 $2,209.24 20 years $1,806.11 $2,440.38 Country-X Country-Y 30 years $2,427.26 $2,695.70 Instructions: Modify the settings in the interactive tool as needed to answer the questions below. Suppose countries X and Y each produce $2500 of goods and services per year. Country X experiences 1.0% growth per year, while country Y experiences 2.0% growth per year. a) What is Country X's production after 15 years? $[ b) What is country Y's production after 15 years? $ c) If two amounts are initially equal but one grows twice as fast (ex: 1.0% growth versus 2.0% growth), the amount that grows faster will have increased by (Click to select) V twice as much.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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