the table and draw the 2 production functions in one diagram. Concept Introduction: Gross Domestic Product (GDP): It refers to the gross money value or gross market value of all the finished goods and the services produced by the normal resident and nonresident people of the country that is within that particular within the borders of the country in an accounting year. 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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Chapter 9, Problem 4P

To determine

the table and draw the 2 production functions in one diagram.

Concept Introduction:

Gross Domestic Product (GDP): It refers to the gross money value or gross market value of all the finished goods and the services produced by the normal resident and nonresident people of the country that is within that particular within the borders of the country in an accounting year.

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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