**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…

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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