GRAPH SETTINGS Reset Country-X Initial Value ($50 – $10,000) 1,000.00 Value (thousands of dollars) [Country-X = Country-Y] Growth Rate: 3% 10 9 0.1% 10.0% 8 Country- Y 7 Initial Value 6 2,000.00 ($50 – $10,000) 4 Growth Rate: 1% 0.1% 10.0% 2 1 35.4 yrs. E CALCULATIONS 0 5 10 15 20 25 30 35 40 Years Value in Country-X Country-Y 10 years $1,343.92 $2,209.24 20 years $1,806.11 $2,440.38 Country-X Country-Y 30 years $2,427.26 $2,695.70 Instructions: Modify the settings in the interactive tool as needed to answer the questions below. Suppose country X currently produces $5200 of goods and services per year with a constant growth rate of 3.8% per year. Country Y's production is currently $7400 with growth of 0.9% per year. Using the rule of 72, how long does it take for country X's production to double? years Using the rule of 72, how long does it take for country Y's production to double? |years After how long will the two countries have the same level of production? years Estimate the level of production when the two countries produce the same amount. $

GRAPH SETTINGS Reset Country-X Initial Value ($50 – $10,000) 1,000.00 Value (thousands of dollars) [Country-X = Country-Y] Growth Rate: 3% 10 9 0.1% 10.0% 8 Country- Y 7 Initial Value 6 2,000.00 ($50 – $10,000) 4 Growth Rate: 1% 0.1% 10.0% 2 1 35.4 yrs. E CALCULATIONS 0 5 10 15 20 25 30 35 40 Years Value in Country-X Country-Y 10 years $1,343.92 $2,209.24 20 years $1,806.11 $2,440.38 Country-X Country-Y 30 years $2,427.26 $2,695.70 Instructions: Modify the settings in the interactive tool as needed to answer the questions below. Suppose country X currently produces $5200 of goods and services per year with a constant growth rate of 3.8% per year. Country Y's production is currently $7400 with growth of 0.9% per year. Using the rule of 72, how long does it take for country X's production to double? years Using the rule of 72, how long does it take for country Y's production to double? |years After how long will the two countries have the same level of production? years Estimate the level of production when the two countries produce the same amount. $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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