Essentials of Economics
4th Edition
ISBN: 9781464186653
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Question
Chapter 15, Problem 3P
To determine
To determine: The ratio for per capita GDP in 2012 in the given countries.
Concept Introduction:
Rule of 70: It is the formula to estimate that how long a variable will take to get doubled.
Formula to calculate number of years to double a variable:
Here:
- R is current constant growth rate.
- N is number of year it will take to be double.
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