Answered: 5. The real GDP per capita in Colombia…

5. The real GDP per capita in Colombia was $3,692 in 2000 and $5,889 in 2020. What is the average annual growth rate of the real GDP per capita from 2000 to 2020? Please use the log formula.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter17: Economic Growth: Resources, Technology, Ideas And Institutions

Section: Chapter Questions

Problem 3QP

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Question

5. The real GDP per capita in Colombia was $3,692 in 2000 and $5,889 in 2020. What is the
average annual growth rate of the real GDP per capita from 2000 to 2020? Please use the log
formula.

Expert Solution

Step 1

Given

GDP per capita in 2000

$Y_{2000} = $ 3692$

GDP per capita in 2020

$Y_{2020} = $ 5889$

time = 2020-2000= 20 years

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