Comments on Homework #2 problem
For the last few calculations on the homework problem, you need to calculate a percentage change. If you need reminded how to do that, you take the difference between the "current value" and the "previous value", and dividing by the previous value. Multiply by 100 to put into percent.
For example, Year 1 GDP is 7 trillion. Year 2 GDP is 7.2 trillion. The percentage change from year 1 to year 2 is (7.2 - 7) / 7 which is then 0.2 / 7 which equals 0.02857 or about 2.9%.
I know we didn't get to talk about the GDP price index, but the formula is there. Try to figure it out. We'll go over at least one of the year's calculations in class.
posted by Atomic Kid @ 4:21 PM
3 Comments:
can you explain how we got the anwser to number 12 please?
GDP = C + I + G + X - M
= 7 + 3 + 3 + 3 - 5
= 11
Note: transfers are not included. Part "trick", part "knowing how it is calculated".
Ok, that is all for tonight. Bedtime looms. Don't stay up too late yourself. One of the grand lessons of economics is diminishing returns to an input. That is, the incremental output from one more hours of study shrinks. And at some point it can become negative (not just learning less, but forgetting). Get good sleep and resume study in the morning. That morning study will bounce you back to stronger positive returns. On the upside, all of this information should be rather fresh. It's only been three days. Have some confidence.
As always, a good mindset is to make use of the opportunity of a quiz/test/exam is to display acquired knowledge and understanding! You all challenged to be young scholars. You will succeed.
I've said it before and I hope to be able to say it frequently: I'm enjoying myself in this class. No offense to many of my previous summer classes, but for several reasons summer classes can often be dull. You all seem interested. I love having to tell you to stop the tangents and get back to the material at hand. But I do love it when you ask random but mostly interesting questions. Curiosity is also key to getting motivated to study and be a scholar.
Remember: I am not your adversary. You instigate it anyway by registering for the course. My job (in large part) is to facilitate the learning process.
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