1. The population of the world in 2003 was 6.314 billion. It grew between 1975 and 2003 at an annual rate of 1.6%. Assume that it continues to grow at this rate.
a. Compute the doubling time. (Understand the Rule of 72)
b. Estimate the world population in 2048 and 2093 (assuming all other things remain unchanged).
2. Suppose a country's population growths at the rate of 2% per year and its output grows at the rate 3% per year.
a. Calculate the rate of growth per capita output.
b. If instead its population grows at 3% per year and its output grows at 2% per year, calculate its rate of growth of per capita output.