The U.S. Gross Domestic Product (GDP) is the output of goods and service produced by labor and
Question:
The U.S. Gross Domestic Product (GDP) is the output of goods and service produced by labor and property located in the United States. The following table gives the GDP (in billions of current dollars) for selected years.
(a) Plot the data, letting t = 0 correspond to 1940. Does the GDP appear to grow linearly or exponentially?
(b) Find an exponential function in the form of ƒ(t) = ƒ0ɑt that fits the data at 1940 and 2019, where t is the number of years since 1940 and ƒ(t) is the GDP.
(c) Approximate the average annual percentage increase in GDP during this time period.
(d) Graph ƒ(t) and estimate the first year when the GDP will be double what it was in 2019.
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a b ft f 0 a t f0 f 0 a 0 103 so f 0 103 The year 2019 corresponds ...View the full answer
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