Question: Assume that a very tiny and very poor DVC has income per capita of $300 and total national income of $3 million. How large is

Assume that a very tiny and very poor DVC has income per capita of $300 and total national income of $3 million. How large is its population? If its population grows by 2 percent next year while its total income grows by 3 percent, what will be its new income per capita rounded to full dollars? If population had not grown during the year, what would have been its income per capita?

Step by Step Solution

3.49 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

10000 303 309 Feedback To find the population divide the countrys total national inc... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (2 attachments)

PDF file Icon

1438_6054778b0d746_651396.pdf

180 KBs PDF File

Word file Icon

1438_6054778b0d746_651396.docx

120 KBs Word File

Students Have Also Explored These Related Microeconomics Principles Questions!