Question
In 2012 GDP per capita in South Korea (measured in year 2005 dollars) was $26,675. In 2020 it was $31,264. (a) Calculate the growth rate
In 2012 GDP per capita in South Korea (measured in year 2005 dollars) was $26,675. In 2020 it was $31,264.
(a) Calculate the growth rate of income per capita in South Korea over this period.
(b) Now suppose that South Korea grows at the same rate for another 20 years 2020. What will its GDP per capita be in the year 2040?
I need detailed steps to come up with the answers. It is better to handwrite the steps. Thank you.
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Principles of economics
Authors: N. Gregory Mankiw
6th Edition
978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042
