Plan the following scenarios for per-capital GDP on a ratio scale. Suppose that per capital GDP in the year 2000 is $10,000. Use the Rule of 70 to calculate the value of per capital GDP on the graph for the years listed below. Demonstrate how far of the Rule of 70 sits relative to the actual value. These should be very simple graphs.
1. Per capital GDP grows at a constant rate of 5% per year among 2000 and 2070.
2. Per capital GDP grows at 2% per year among 2000 and 2070, speeds up to 7% per year for the next 20 years, then slows down to 5% per year for the next 28 years.
3. Per capital GDP grows at 7% per year for 50 years and then slows down to 1% per year for the next 140 years.
4. Comment on how these would look if we had used a linear scale.