Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following table has hypothetical GDP data by year. Enter the natural logarithm of GDP in the first blank column. Calculate the actual year-over-year percent
The following table has hypothetical GDP data by year. Enter the natural logarithm of GDP in the first blank column. Calculate the actual year-over-year percent change in GDP in the second blank column. Use the logarithmic approximation to fill in the last blank column. For the last two columns, write values in percentage form, not decimal form. That is, 10.235 percent should be written as 10.235, not as 0.10235. In all cases, carry out the calculation to 3 decimal places. When is the logarithmic approximation closest to the true value, and when is it furthest away from the true value? Actual Logarithmic percent approximation change in of percent Year GDP ln(GDP) GDP change in GDP 1 17 2 17.5 3 22 4 21 5 25 6 25.1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started