EBK ECONOMICS
5th Edition
ISBN: 8220106907184
Author: KRUGMAN
Publisher: YUZU
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Question
Chapter 24, Problem 4P
To determine
To determine: The growth of percent per year output per worker and annual productivity growth,
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:
![EBK ECONOMICS, Chapter 24, Problem 4P](https://content.bartleby.com/tbms-images/9781464143847/Chapter-24/images/html_43847-24-4p_1.png)
Here:
- R is current constant growth rate.
- N is number of year it will take to be double.
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