Here is some data on the economy: 2008 2007 $1,300,000 12,227 Real GDP Populatio $1,328,000 12,838...

 

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Here is some data on the economy: 2008 2007 $1,300,000 12,227 Real GDP Populatio $1,328,000 12,838 n 2) Calculate real GDP per capita 2009 $1,429,000 13,480 2010 $1,411,000 14,154 3) Calculate the growth rates for each year for real GDP and population. 4) Estimate the growth rates for each year for GDP per capita real using the growth rates from 3). Check your estimate by calculating the actual per capita growth rate. 5) Using the growth rates from 2008 to 2009, how long will it take a) For real GDP to double? b) For population to double? c) For real GDP per capita to double? 6) Graph the effect of the population growth on the economy's real GDP. Be sure to use both the labor market graph and the production function graph. 7) Labor productivity decreases. Graph the effect of the change in productivity on the economy's real GDP. Be sure to use both the labor market graph and the production function graph. Here is some data on the economy: 2008 2007 $1,300,000 12,227 Real GDP Populatio $1,328,000 12,838 n 2) Calculate real GDP per capita 2009 $1,429,000 13,480 2010 $1,411,000 14,154 3) Calculate the growth rates for each year for real GDP and population. 4) Estimate the growth rates for each year for GDP per capita real using the growth rates from 3). Check your estimate by calculating the actual per capita growth rate. 5) Using the growth rates from 2008 to 2009, how long will it take a) For real GDP to double? b) For population to double? c) For real GDP per capita to double? 6) Graph the effect of the population growth on the economy's real GDP. Be sure to use both the labor market graph and the production function graph. 7) Labor productivity decreases. Graph the effect of the change in productivity on the economy's real GDP. Be sure to use both the labor market graph and the production function graph.

Answer rating: 100% (QA)

Here are the calculations 1 Real GDP per capita 2007 130000012227 10625 2008 132800012838 10340 2009 ... View the full answer