**Instructions**: Round your answers to 1 decimal place.a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2.- Real GDP: _____%- Population: _____%- Standard of living: _____%b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3.- Real GDP: _____%- Population: _____%- Standard of living: _____%c. The standard of living in the economy of Highlands between year 1 and year 2 grew [Click to select] the standard of living between year 2 and year 3.**Table Data**:- Year 1: 3- Year 2: 7,173- Year 3: 225- Year 4: 31,880 The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands.**Real GDP and Population over Time**| Year | Real GDP (millions of dollars) | Population (thousands of people) | Real GDP per Capita (dollars) ||------|--------------------------------|----------------------------------|-------------------------------|| 1 | 5,533 | 214 | 25,855 || 2 | 6,247 | 218 | 28,656 || 3 | 7,173 | 225 | 31,880 |**Instructions:** Round your answers to 1 decimal place.a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2.- Real GDP: _______%- Population: _______%- Standard of living: _______%b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3.- Real GDP: _______%- Population: _______%- Standard of living: _______%

here we calculate following Real GDP , Population and standard of living by using the given table so the calculation of the following terms as follow-Here we calculate the following by using the given information which are as follow- a) Growth rate between Year 1 and Year 2: Formula for Growth % = (Rate in Year 2 - Rate in Year 1) x 100 / Rate in Year 1 1) Real GDP = (6247 - 5533) x 100 / 5533 Real GDP= 12.9 % 2) Population = ( 218 - 214 ) x 100 / 214 Population= 1.86 % 3) Standard of Living (real GDP per capita) = (28656 - 25855) x 100 / 25855 Standard of Living (real GDP per capita) = 10.83% b) Growth rate between Year 2 and Year 3: Formula for Growth % = (Rate in Year 3 - Rate in Year 2) x 100 / Rate in Year 2 1) Real GDP = (7173 - 6247 ) x 100 / 6247 Real GDP= 14.82% 2) Population = ( 225 - 218 ) x 100 / 218 Population= 3.21 % 3) Standard of Living (real GDP per capita) = (31880 - 28656) x 100 / 28656 Standard of Living (real GDP per capita)= 11.25% c) The standard of living in of Highlands between Year 1 and 2 grew LESS THAN the standard of living between year 2 and year 3 , because as per calculation we conclude that Standard of living in year 1 and Year 2 is 10.83% and in year 2 and year 3 is 11.25% which is greater than previous year!

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n. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) petween year 1 and year 2. Real GDP Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, populetion, and the stardard of living between year 2 and year 3. Real GDP. Population: Standard of living: c. The standard of living in the economy of Highlands between

n. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) petween year 1 and year 2. Real GDP Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, populetion, and the stardard of living between year 2 and year 3. Real GDP. Population: Standard of living: c. The standard of living in the economy of Highlands between

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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