gdp per capita 1970 PPP $138.25 2015 PPP $1210.16 Figure 3 60 50 40 30 20 10 -Death rate, crude (per 1,000 peop...

Question

Question

gdp per capita

1970 PPP $138.25

2015 PPP $1210.16

business economics

Answer 1

Answer #1

Let growth rate of GDP be g%.

$GDP_t = GDP_0(1+g)^t$

In our case:

GDP2015 = GDP,970(1 + g)45ー(1+1)45-1210.16/138.25 = 8.75

Taking log both sides:

45ln(1+1)-In8.75 1n(1 + g) 2.17/45 = 0.0482 2.17

$\Rightarrow (1+g) = e^{0.0482 } = 1.05 \Rightarrow g = 0.05 = 5\%$

Answer 2

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