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Assume real per capita GDP in North Metropolaniais $6,000while in East Quippanova it is $1,500. The annual growth rate in North Metropolania is 2.33%, while
Assume real per capita GDP in North Metropolaniais $6,000while in East Quippanova it is $1,500. The annual growth rate in North Metropolania is 2.33%, while in East Quippanova it is 7%. How many years will it take for East Quippanova to catch up to the real per capita GDP of North Metropolania? What will the income of the two countries be when it is equal?
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