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The expression 11(1.022)* models the per capita gross domestic product (GDP) of the US, in thousands of

dollars, as a function of the number of years since 1950.

What does 1.022 represent in this expression?

WILL MARK

User Ladyfafa
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2 Answers

6 votes

Answer:

here

Explanation:

The expression 11(1.022)* models the per capita gross domestic product (GDP) of the-example-1
User Xianyi Ye
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2 votes

Answer:


y = a (b)^t

Where a represent the initial amount and b the rate of growth/decay for the model and the time in years since 1950.

For this case the value of b is given by:


b = 1.022

And if we solve for r the rate of growth we got:


1.022 = 1+ r


r = 1.022-1= 0.022

The answer for this case would be: 1.022 represent the growth factor for the GDP since 1950 (because b >1) and each year the GDP increase by a factor of 1.022

Explanation:

For this case we are ssuming that we can model the GDP gross domestic product (GDP) of the US, in thousands of dollars with the folllowing function:


GDP = 11 (1.022)^t

And we can see that this formula is governed by the exponential model formula given by:


y = a (b)^t

Where a represent the initial amount and b the rate of growth/decay for the model and the time in years since 1950.

For this case the value of b is given by:


b = 1.022

And if we solve for r the rate of growth we got:


1.022 = 1+ r


r = 1.022-1= 0.022

The answer for this case would be: 1.022 represent the growth factor for the GDP since 1950 (because b >1) and each year the GDP increase by a factor of 1.022

User Abiodun
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3.7k points