**Problem Statement: Calculating Real GDP Growth Per Person****Instructions:**Do the math and then answer the question:**Question:**If real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the growth rate of real GDP per person?The growth rate of real GDP per person is ___ percent.**Explanation:**To solve this problem, you need to calculate the initial and final real GDP per person and then determine the growth rate as follows:1. **Initial Real GDP per Person:** - Initial GDP = $100 billion - Initial population = 100 million - Initial real GDP per person = Initial GDP / Initial population2. **Final Real GDP per Person:** - Final GDP = $105 billion - Final population = 102 million - Final real GDP per person = Final GDP / Final population3. **Growth Rate of Real GDP per Person:** - Growth rate = [(Final real GDP per person - Initial real GDP per person) / Initial real GDP per person] * 100By calculating these steps, you will find the growth rate of real GDP per person.

HERE WE CALCULATE THE GROWTH RATE OF REAL GDP BY USING THE GIVEN INFORMATION WHICH ARE AS FOLLOW-

if real GDP increases from $100 bilion to $105 billion, and the population increases from 100 million to 102 millon, what is the growth rate of real GDP per person? The growth rate of real GDP per person is percent

if real GDP increases from $100 bilion to $105 billion, and the population increases from 100 million to 102 millon, what is the growth rate of real GDP per person? The growth rate of real GDP per person is percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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