Math Problem Statement

The gross domestic product​ (GDP; in trillions of​ dollars) for Country A and Country B can be approximated as follows where

xequals=60

corresponds to the year 1960.

Country​ A: f left parenthesis x right parenthesis equals 0.00006 left parenthesis 1.102 right parenthesis Superscript xf(x)=0.00006(1.102)x

Country​ B: g left parenthesis x right parenthesis equals 0.01894 left parenthesis 1.078 right parenthesis Superscript xg(x)=0.01894(1.078)x

Find the projected GDP in

20182018

and

20342034

for Country A.

Question content area bottom

Part 1

Which of the following describes how to

find

the projected GDP in

20182018****

using the given

information​?

Select the correct choice and fill in the answer box to complete your choice.

​(Type an integer or a​ decimal.)

A.

To

find

the projected GDP in

20182018​,

substitute

118118

for x and evaluate to find​ f(x).

Your answer is correct.

B.

To

find

the projected GDP in

20182018​,

find the intersection point of the graphs

y equals 0.0006 left parenthesis 1.102 right parenthesis Superscript xy=0.0006(1.102)x

and

yequals=enter your response here.

The projected GDP in

20182018

is represented by the​ y-coordinate.

Part 2

In

20182018

the projected GDP is about

​$5.75.7

trillion.

​(Do not round until the final answer. Then round to the nearest tenth as​ needed.)

Part 3

Which of the following describes how to

find

the projected GDP in

20342034****

using the given

information​?

Select the correct choice and fill in the answer box to complete your choice.

​(Type an integer or a​ decimal.)

A.

To

find

projected GDP in

20342034​,

find the intersection point of the graphs

y equals 0.0006 left parenthesis 1.102 right parenthesis Superscript xy=0.0006(1.102)x

and

yequals=enter your response here.

The projected GDP in

20342034

is represented by the​ y-coordinate.

B.

To

find

projected GDP in

20342034​,

substitute

enter your response here

for x and evaluate to find​ f(x).

Solution

Let's break down how to project the GDP for Country A using the given equation:

Country A's GDP function is:

f(x)=0.00006(1.102)xf(x) = 0.00006(1.102)^x

Part 1: How to find the projected GDP in 2018

To find the projected GDP in 2018, note that x=60x = 60 corresponds to 1960. The year 2018 is 58 years after 1960. So:

x=60+58=118x = 60 + 58 = 118

Thus, we substitute x=118x = 118 into the function f(x)f(x) to find the projected GDP:

f(118)=0.00006(1.102)118f(118) = 0.00006(1.102)^{118}

So, Choice A is correct: "To find the projected GDP in 2018, substitute 118 for xx and evaluate to find f(x)f(x)."

Part 2: Projected GDP in 2018

Now, let's compute the GDP in 2018 using the formula:

f(118)=0.00006×(1.102)118f(118) = 0.00006 \times (1.102)^{118}

Calculating this will give the projected GDP in trillions of dollars. (I can calculate this for you if you'd like.)

Part 3: How to find the projected GDP in 2034

To find the projected GDP in 2034, we calculate the corresponding xx-value. The year 2034 is 74 years after 1960, so:

x=60+74=134x = 60 + 74 = 134

Thus, we substitute x=134x = 134 into the function f(x)f(x) to find the projected GDP:

f(134)=0.00006(1.102)134f(134) = 0.00006(1.102)^{134}

So, Choice B is correct: "To find projected GDP in 2034, substitute 134 for xx and evaluate to find f(x)f(x)."

Would you like me to compute the actual values for the projected GDPs in 2018 and 2034?


Relative questions:

  1. How would the projected GDP change if the growth rate of 1.102 were different?
  2. Can we use the same method to estimate the GDP for earlier years, such as 1950?
  3. How do small changes in the exponent affect the long-term GDP projection?
  4. How would the projection differ for Country B using the same years?
  5. What are the real-world factors that could make the GDP deviate from these projections?

Tip: Exponential growth models, like the one used here, can significantly overestimate values if growth rates are not adjusted for real-world conditions like inflation and economic shocks.

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Math Problem Analysis

Mathematical Concepts

Exponential Growth
GDP Projection
Substitution in Functions

Formulas

f(x) = 0.00006(1.102)^x
g(x) = 0.01894(1.078)^x

Theorems

Exponential Growth Model

Suitable Grade Level

Grades 10-12