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Question: Population growth: Suppose the world population today is 7 billion, and suppose this population grows at a constant rate of 3% per year from now on. (This rate is almost certainly much faster than the future population growth rate; the high rate used here is useful for pedagogy. If you like, you can use a spreadsheet program to help you with this question.)
(a) What would the population equal 100 years from now?
(b) Compute the level of the population for t = 0, t = 1, t = 2, t = 10, t =25, and t = 50.
(c) Make a graph of population versus time (on a standard scale).
(d) Now make the same graph on a ratio scale.
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Dale, Geraldine, Monroe, and Grover can split their time between fishing and gathering coconuts. Their production possibilities are reflected by the joint PPF below. What is the opportunity cost of producing the first 5 coconuts? What is the opport..
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