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 7 Initial Value 2,000.00 ($50 – $10,000) 5 Growth Rate: 1% 4 3 0.1% 10.0% 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 $2,000 of goods and services per year. Country X experiences 2% growth per year, while country Y experiences 4% growth per year. a) What is Country X's production after 20 years? b) What is country Y's production after 20 years? $[ c) If two amounts are initially equal but one grows twice as fast (ex: 2% growth versus 4% 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 7 Initial Value 2,000.00 ($50 – $10,000) 5 Growth Rate: 1% 4 3 0.1% 10.0% 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 $2,000 of goods and services per year. Country X experiences 2% growth per year, while country Y experiences 4% growth per year. a) What is Country X's production after 20 years? b) What is country Y's production after 20 years? $[ c) If two amounts are initially equal but one grows twice as fast (ex: 2% growth versus 4% 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

See similar textbooks

Related questions

Q: Say that the average worker in Argentina has a productivity of $15 per hour while the average worker…

A: Productivity is the effectiveness of the creation of labor and products communicated by some action.…

Q: A country's nominal GDP was 10 billion euros in year 2000. In the next ten years, nominal GDP…

A: Nominal GDP measures a country's gross domestic product using current prices or market value of…

Q: The GDP per capita of Greece was $22,494 in 2012 and $21,966 in 2013. Based on these figures, the…

A: Given, The GDP per capita in 2012 = $22,494 The GDP per capita in 2013 = $21,966 Mathematically, the…

Q: 20. The compound interest on a certain sum of money for 2 years is Rs. 52 and the simple interest…

Q: Graphical 4. Plot production function, savings function, and depreciation function in a slow model…

A: The Solow growth model is an economic framework that examines how variables such as savings,…

Q: The most commonly used measure of the economic growth of a country is which of the following? (A)…

A: Economic growth is measured by the increase production of goods and services per capita by a country…

Q: Why is economic growth a goal of most if not all nations of the world? Why is investment in…

A: Economic growth is primarily used to explain an increase in the total production of output or…

Q: Say that the average worker in Canada has productivity of $21 per hour while the average worker in…

Q: 7. Why are economists only interested in the spending on U.S. goods and services?

A: Economists aren't only interested in the spending on U.S. goods and services. But, the united states…

Q: Question 3: Production Possibilities Frontier Cheese and Wine Table: Hours Needed to Make 1 Unit of…

A: The production possibility frontier (PPF) helps to determine;possible combinations of two goods that…

Q: What is the growth percentage between 2019-2020 and 2020-2021? What do you think the contributing…

A: Economic growth is the inflation adjustedinflation-adjusted growth in productivity. An increase in…

Q: how to calculate inflation rate of 10 consecutive years of a country with the gdp growth rate?

A: Inflation is the process through which the cost of goods and services rises over time, lowering the…

Q: Say that the average worker in Argentina has productivity of $10 per hour while the average worker…

A: Productivity: In economics, productivity can be defined as the output per unit of input. When…

Q: Write the formula for the rate of return?

A: Answer - Rate of return = Rate of return is the return is profit or loss on the investment in the…

Q: Suppose a panel of economists predicts that a nation's real GDP per capita will double in…

A: The rule of 70 is commonly used to calculate how long it will take for an investment to double if…

Q: Compare the performance of Brazil and Pakistan electricity sector for the past 10 years with graphs…

A: Total energy consumption is often defined as an aggregate of energy that is used by a system – most…

Q: Assume that a country, in year 5, has a population level, P, of 14 380 individuals. The country's…

A: Population is a term used to describe the number of individuals living in a specific geographic…

Q: You know that it takes approximately 20 years for nominal GDP per capita to increase by 40% in…

A: The annual growth rate is a measure of how much a quantity (such as GDP, population, revenue, etc.)…

Q: 12. The rule of 72 says that if something is growing by X% per period then it will double…

A: The Rule of 72 is a formula that is used to estimate the number of years required to double the…

Q: Instructions: Modify values in the SETTINGS window of the interactive tool to answer the questions…

A: * SOLUTION :- From the given information the answer is provided as below

Question

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
0.1%
10.0%
8
Country-Y
7
Initial Value
2,000.00
($50 – $10,000)
5
4
Growth Rate: 1%
0.1%
10.0%
2
1
35.4 уrs.
E CALCULATIONS
0 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
30 years
$2,427.26
$2,695.70
Country-X
Country-Y
Instructions: Modify the settings in the interactive tool as needed to answer the questions below.
Suppose countries X and Y each produce $2,000 of goods and services per year. Country X experiences 2% growth per year, while country Y
experiences 4% growth per year.
a) What is Country X's production after 20 years? $[
b) What is country Y's production after 20 years?
c) If two amounts are initially equal but one grows twice as fast (ex: 2% growth versus 4% growth), the amount that grows faster will have increased by
(Click to select) V twice as much.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Part (A) and Part (B)

VIEW

Part(C)

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

A country starts with real GDP per capita of 500, and is growing at 4.3% per year. After 70 years, real GDP per capita will be approximately...?
The table below shows the real GDP and population for the years 2000 and 2010 of a small island nation. Year Real GDP Population 發 2000 10,000 800 2010 22,000 950 Where applicable, round your answers to two decimal places. (a) Calculate the annual growth rate of real GDP over the 10 years (from 2000 to 2010). (b) Calculate the annual growth rate of real GDP per capita over the 10 years (from 2000 to 2010).
exponential growth equation!! Otherwise will give downvote!!! Thanks in advance!
What the correct answer
In 2018, the country of Questville had a GDP of $39000.00 and the country of Mistania had a GDP of $19500.00, which is half, or 50% of Questville's GDP. If Questville grows at the slow rate of 1% for 5 years while Mistania grows at the fast rate of 6% for 5 years, what will Mistania's GDP be as a percentage of Questville's GDP in 5 years from now? Include the % sign in your answer. Does this example illustrate the concept of convergence? OYes SONO
Only typed solution
62. What is a problem with the geographical explanation for economic growth? (A) It ignores Malthusian dynamics. (B) Countires like Singapore, with unfavourable geography, are rich. (C) Geography is the outcome of millennia of historical processes that are not fully understood. (D) It ignores the productivity explanation for economic growth.
Describe the different ways to determine the rate of return?
If an economy's GDP will double in 15 years, then its growth rate must be about: 7% 15% 10% 4.7%
With continuously compounding population growth of 3% per year, starting with a population of 1 million people, how many people will there be after 100 years, to the nearest million? a. 4 million b. 20 million c. 26 million d. 10 million
what is the growth rate between 146000 and 108000
In 2017, the population in the US was estimated at 325.1 million. The population in 2018 was estimated to be 326.8 million. Assuming that the population growth is compounding annually at a constant growth rate, calculate the growth rate from year 1 to year 2. Source: United States Census Bureau 0.45 % 5.2 % 4.5 % 0.52%