Compute this economy's GDP per capita in the long run.

Round your answer to the nearest tenth.

Question

Compute this economy's GDP per capita in the long run.

Round your answer to the nearest tenth.

BlackTom AI · Accepted Answer

The task asks for the economy's GDP per capita in the long run, rounded to the nearest tenth. 
First, restate the core formula: GDP per capita = (gross domestic product in a given period) ÷ (total population).
Next, identify the long-run values you should use: take the value of GDP that represents the economy in its long-run (steady-state) level, and the population at that same long-run horizon. 
Then, perform the division: divide the long-run GDP by the long-run population to obtain GDP per capita. 
Finally, round the result to one decimal place, as instructed. If you have intermediate numbers (for example, GDP in trillions and population in millions), you may convert units to ensure consistency before dividing. 
If the problem provides specific numbers or a model’s steady-state results, apply the same steps to those figures: compute GDP per capita = steady-state GDP / steady-state population, then round to the nearest tenth. 
Note: in some growth models, long-run GDP per capita is determined by technology, savings behavior, and demographics encoded in the model; the calculation still boils down to GDP divided by population, evaluated at the long-run equilibrium values. 
If you encounter multiple interpretations (e.g., real vs. nominal GDP, or different baselines), confirm which GDP measure and which population figure the question intends, then apply the same division-and-rounding procedure.

FA25 ECON 302 002 Midterm 2

Compute this economy's GDP per capita in the long run. Round your answer to the nearest tenth.

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