Question 17: Recall the discussion that we had in class about growth and the discrete equation of growth. As we all know, China's economy has already overtaken the US economy in terms of GDP@PPP (with it being almost $25T dollars for China vs. $20T dollars for the US in 2018). However, n terms of GDP@ER', the US economy is still running ahead of China's economy (with it being almost 520.5T dollars for the US vs. $13.5T dollars for China’s economy in 2018). According to the IMF Forecasts, we can expect that the US GDP@ER will grow annually at the rate of 2.5% on average and hat of China will grow annually at the rate of 6.5% on average in the next three decades. Please use the liscrete formula of growth to find out how many years it will take for China's economy to overtake the US economy in terms of GDP@ER.

Question 17: Recall the discussion that we had in class about growth and the discrete equation of growth. As we all know, China's economy has already overtaken the US economy in terms of GDP@PPP (with it being almost $25T dollars for China vs. $20T dollars for the US in 2018). However, n terms of GDP@ER', the US economy is still running ahead of China's economy (with it being almost 520.5T dollars for the US vs. $13.5T dollars for China’s economy in 2018). According to the IMF Forecasts, we can expect that the US GDP@ER will grow annually at the rate of 2.5% on average and hat of China will grow annually at the rate of 6.5% on average in the next three decades. Please use the liscrete formula of growth to find out how many years it will take for China's economy to overtake the US economy in terms of GDP@ER.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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