The population of the world in 2015 was 9.75 billion people and was growing at a rate of 1.25% per year. (i) Assuming that this growth rate continues, derive a model to represent the population P (in billions of people) in year t. (ii) From the model derive in (i), approximately when will the population of the world be 11.2 billion people?

The population of the world in 2015 was 9.75 billion people and was growing at a rate of 1.25% per year. (i) Assuming that this growth rate continues, derive a model to represent the population P (in billions of people) in year t. (ii) From the model derive in (i), approximately when will the population of the world be 11.2 billion people?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1E: The forecasting staff for the Prizer Corporation has developed a model to predict sales of its...

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