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In 2005, the nation of Bedrock had a GDP of $53 million (measured in U
In 2005, the nation of Bedrock had a GDP of $53 million (measured in U.S. dollars) and a population of 4.7 million. In 2015, Bedrock had a GDP of $77 million (measured in U.S. dollars) and a population of 5.5 million. By what percentage did Bedrock's GDP per capita change between 2005 and 2015? Round your answer to 2 decimal places. For example: 4.22 or -13.58 (do not include the percent symbol).
Expert Solution
GDP per capita = GDP/ Population
In 2005,
GDP per capita = $53 million/ 4.7 million
= $ 11.28 million
In 2015,
GDP per capita = $77 million/5.5 million
= $14 million
% change in GDP per capita in between 2005 and 2015 = (GDP per capita 2015 - GDP per capita 2005/ GDP per capita 2005) x 100
= ($14 - $ 11.28/ 11.28 ) x 100
= 24.15%
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