The per capita income of a country t years from now is defined to be I(t) P(t) C(t) where I(t) and P(t) are the income and population of the country in year t, respectively. (a) Find an expression for the percentage rate of change of the per capita income of the country in year t. (b) Use your result to find the percentage rate of change in the per capita income of a country whose income in year t is I(t) = 10°(300 + 12t) and whose population in year t is P(t) = (2 × 10")e0.02t (c) What is the percentage rate of change in the per capita income 2 years from now?

The per capita income of a country t years from now is defined to be I(t) P(t) C(t) where I(t) and P(t) are the income and population of the country in year t, respectively. (a) Find an expression for the percentage rate of change of the per capita income of the country in year t. (b) Use your result to find the percentage rate of change in the per capita income of a country whose income in year t is I(t) = 10°(300 + 12t) and whose population in year t is P(t) = (2 × 10")e0.02t (c) What is the percentage rate of change in the per capita income 2 years from now?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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