Ask Macroeconomics Expert

Assignment: Discussion-Population Growth

To study the growth of a population mathematically, we use the concept of exponential models. Generally speaking, if we want to predict the increase in the population at a certain period in time, we start by considering the current population and apply an assumed annual growth rate. For example, if the U.S. population in 2008 was 301 million and the annual growth rate was 0.9%, what would be the population in the year 2050? To solve this problem, we would use the following formula:

P(1 + r)n

In this formula, P represents the initial population we are considering, r represents the annual growth rate expressed as a decimal and n is the number of years of growth. In this example, P = 301,000,000, r = 0.9% = 0.009 (remember that you must divide by 100 to convert from a percentage to a decimal), and n = 42 (the year 2050 minus the year 2008). Plugging these into the formula, we find:

P(1 + r)n = 301,000,000(1 + 0.009)42

= 301,000,000(1.009)42

= 301,000,000(1.457)

= 438,557,000

Therefore, the U.S. population is predicted to be 435,557,000 in the year 2050.

Let's consider the situation where we want to find out when the population will double. Let's use this same example, but this time we want to find out when the doubling in population will occur assuming the same annual growth rate. We'll set up the problem like the following:

Double P = P(1 + r)n

P will be 301 million, Double P will be 602 million, r = 0.009, and we will be looking for n.

Double P = P(1 + r)n

602,000,000 = 301,000,000(1 + 0.009)n

Now, we will divide both sides by 301,000,000. This will give us the following:

2 = (1.009)n

To solve for n, we need to invoke a special exponent property of logarithms. If we take the log of both sides of this equation, we can move exponent as shown below:

log 2 = log (1.009)n

log 2 = n log (1.009)

Now, divide both sides of the equation by log (1.009) to get:

n = log 2 / log (1.009)

Using the logarithm function of a calculator, this becomes:

n = log 2/log (1.009) = 77.4

Therefore, the U.S. population should double from 301 million to 602 million in 77.4 years assuming annual growth rate of 0.9 %.

Now it is your turn:

Search the Internet and determine the most recent population of your home state. A good place to start is the U.S. Census Bureau (www.census.gov) which maintains all demographic information for the country. If possible, locate the annual growth rate for your state. If you can not locate this value, feel free to use the same value (0.9%) that we used in our example above.

Determine the population of your state 10 years from now.

Determine how long and in what year the population in your state may double assuming a steady annual growth rate.

Look up the population of the city in which you live. If possible, find the annual percentage growth rate of your home city (use 0.9% if you can not locate this value).

Determine the population of your city in 10 years.

Determine how long until the population of your city doubles assuming a steady growth rate.

Discuss factors that could possibly influence the growth rate of your city and state.

Do you live in a city or state that is experiencing growth?

Is it possible that you live in a city or state where the population is on the decline or hasn't changed?

How would you solve this problem if the case involved a steady decline in the population (say -0.9% annually)? Show an example.

Think of other real world applications (besides monitoring and modeling populations) where exponential equations can be utilized.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M91755912
  • Price:- $30

Priced at Now at $30, Verified Solution

Have any Question?


Related Questions in Macroeconomics

Economics assignment -topic evaluation of macroeconomic

Economics Assignment - Topic: Evaluation of Macroeconomic performance of Australia and New Zealand. Task Details: Complete a research-based analysis and evaluation of the relative macroeconomic performance of Australia a ...

Introductory economics assignment -three problem-solving

Introductory Economics Assignment - Three Problem-Solving Questions. Question 1 - Australia and Canada have a free trade agreement in which, Australia exports beef to Canada. a. Draw a graph and use it to explain and ill ...

Question in an effort to move the economy out of a

Question: In an effort to move the economy out of a recession, the federal government would engage in expansionary economic policies. Respond to the following points in your paper on the actions the government would take ...

Question are shareholders residual claimants in a publicly

Question: Are shareholders residual claimants in a publicly traded corporation? Why or why not? In some industries, like hospitals, for-profit producers compete with nonprofit ones. Who is the residual claimant in a nonp ...

Discussion questionsquestion 1 what are the main reasons

Discussion Questions Question 1: What are the main reasons why Nigerians living in extreme poverty? Justify. ( 7) Question 2: Why GDP per capita wouldn't be an accurate measure of the welfare of the average Nigerian? Exp ...

Question according to the definition a perfectly

Question: According to the definition, a perfectly competitive firm cannot affect the market price by any changing only its own output. Producer No. 27 in problem 2 decides to experiment by producing only 8 units. a. Wha ...

Question jones is one of 100000 corn farmers in a perfectly

Question: Jones is one of 100,000 corn farmers in a perfectly competitive market. What will happen to the price she can charge if: a. The rental price on all farmland increases as urbanization turns increasing amounts of ...

Question good x is produced in a perfectly competitive

Question: Good X is produced in a perfectly competitive market using a single input, Y, which is itself also supplied by a perfectly competitive industry. If the government imposes a price ceiling on Y, what happens to t ...

Question pepsico produces both a cola and a major brand of

Question: PepsiCo produces both a cola and a major brand of potato chips. Coca-Cola produces only drinks. When might it make sense for PepsiCo to divest its potato chip operations? For Coca-Cola to begin manufacturing sn ...

Question again demand is qd 32 - 15p and supply is qs -20

Question: Again, demand is QD = 32 - 1.5P and supply is QS = -20 + 2.5P. Now, however, buyers and sellers have transaction costs of $2 and $3 per unit, respectively. Compare the equilibrium values with those you calculat ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As