Table 8 Amounts of New Solar PowerInstalled in the United StatesAmount of New SolarPower InstalledYear(megawatts)200620071051602008290200943520108782011189133002012Source: GTM ResearchIf the model is given by: y 2.73(1.80)*, what is the growth rate?O the growth rate is 273%.O The growth rate is 80%.O can not be determined from the equation.O The growth rate is 73%O The growth rate is 180%.99+a

Growth rate is the rate at which a variable grows over time. To determine growth rate from a given equation, the following formulae is used Growth rate=Output in year N-Output in year (N-1)Output in year (N-1)×100Using the formulae above the growth rate of y will be calculated: Growth rate=y(N)-y(N-1)y(N-1)×100 =2.73(1.80)N-2.73(1.80)N-12.73(1.80)N-1×100=2.73(1.80)N-1[1.80-1]2.73(1.80)N-1×100=0.80×100=80% Hence the growth rate of y is 80%, which is the 2nd option.

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If the model is given by: y = 2.73(1.80)*, what is the growth rate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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