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Problem 2. (10 points) The table below shows the per capita real GDP for 3 countries for the years 1950 and 2017. Table 2: :

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Problem 2. (10 points) The table below shows the per capita real GDP for 3 countries for the years 1950 and 2017. Table 2: : Real Per Capita GDP in 2011 $US Country 1950 2017 Argentina 8,119 16,432 Turkey 3,630 25,583 Venezuela 9,592 11,321 1. Calculate the average growth rate Q for all three countries (3 points) 2. Assuming the average growth rate 3 remains constant, derive a general rule using which you can obtain the years for each country to triple its 2017 GDP. Show all the derivation details (5 points) 3. Which country requires the least number of years to triple its 2017 output? Why? (2 points)

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