EBK MACROECONOMICS
5th Edition
ISBN: 8220106773925
Author: KRUGMAN
Publisher: MAC HIGHER
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Question
Chapter 9, Problem 4P
To determine
the table and draw the 2 production functions in one diagram.
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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