Exlplain the rule of 70

Assignment Help Microeconomics
Reference no: EM13177160

Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $12,000 per person, while it was about $48,000 per person in the United States. If real GDP per person in Mexico grows at the rate of 10 percent per year, how long will it take Mexico's real GDP per person to reach the level that the United States was at in 2005? (Hint: How many times would Mexico's 2005 real GDP per person have to double to reach the United States' 2005 real GDP per person?)

Reference no: EM13177160

Questions Cloud

Calculate the quantities of benzoic acid and naoh : If 25.00 mL of 0.07976 M benzoic acid is neutralized by 26.48 mL 0.07530 M NaOH, calculate the quantities of benzoic acid and NaOH you would need to prepare the volume of 1:1 buffer.
Define and construct a map of the genes : Based on this data, could construct a map of the genes? In addition, the data should fit a 3:1 ratio, based on a chi square analysis, does it?
State why crosses and the microscopic observations : Discuss why crosses (i.e. the experiments of Mendel) and the microscopic observations of chromosomes during mitosis
Define the rna is almost twice the length of the mrna : After replacing the yeast promoter with an E.coli promoter, you are pleased to detect RNA from the yeast gene but are confused because the RNA is almost twice the length of the mRNA
Exlplain the rule of 70 : Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $12,000 per person, while it was about $48,000 per person in the United States
Define genotypes phenotypes number : Indicate with arrows the classes above that would not be produced if A and B were completely linked.
How the real output changes : Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $10 million to $20 million between one year and the next.
What is the pressure in the flask : The lid is tightly sealed on a rigid flask containing 3.50 L H2 at 17 °C and 0.913 atm. If the flask is heated to 71 °C, what is the pressure in the flask?
Calculate the ph of the final solution after the indicated : For each of the following three questions 25.0 mL of 0.100 M pyridine (Kb = 1.70 x 10-9) is titrated with 0.100 M HCl. For each question calculate the pH of the final solution after the indicated amount of HCl has been added. That is, treat each q..

Reviews

Write a Review

Microeconomics Questions & Answers

  Elasticity of demand for long-distance calls

Each demand curve must eventually hit the quantity axis because with limited incomes there is always a value so high that there is no demand for the good.

  Effect of increase in wage

The output effect of an increase in the wage comes about because higher wages:

  Build and validate a multiple regression model

Interpret the coefficients of the regression model. Which independent variable has the strongest impact on the dependent variables

  Explain the law of demand

Explain the law of demand. Why does a demand curve slope downwards? Distinguish between a change in demand and a change in quantity demanded.

  What is the value of consumer surplus

Assume that the demand curve is given by the following: p=100 and the supply curve is given by Q=p-25. If the government puts in place a tax of 10 that must be paid by the buyer the deadweight loss that results is equal to:

  Determining effect of subsidy

What effect will each of the following have on the supply of automobile tires?

  Compute the level of utility enjoyed by consumer a

Find consumer'sA utility maximizing combination of Qax and Qay. At this point compute the level of utility enjoyed by consumer A.

  Determine the level of ceo

Many stocks and alternatives awarded or charged to CEOs are not indexed to either industry average or to market-wide averages

  Perfect competition-cost curves

When developing short-run cost curves, it is supposed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses.

  Determining maximum amount of profit

What is the profit-maximizing price of carpets? What is the maximum amount of profit that the firm can earn selling carpets?

  Calculate the number of physicians

Calculate the number of physicians, per thousand population in Canada, from 2002 to 2005. What conclusions can be drawn about the physician coverage of Canada's opulation?

  Directly the quantity of healthcare consumed

What provisions of ACA are intended to reduce or increase directly the quantity of healthcare consumed and what extent will these provisions have an effect on expenditures and to what extent will they affect health?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd