A country's travel exports (good and services that international travelers buy while visiting the country) are increasing exponentially. The value of such exports, t years after 2011, can be approximated by V(t)equals115.31 e Superscript 0.087 t, where V is in billions of dollars. a) Estimate the value of the country's travel exports in 2019 and 2020. b) Estimate the growth rate of the country's travel exports in 2019 and 2020.

The equation given is:

As t represents the years after 2011, and we need to calculate exports in 2019 and 2020.

For 2019

t = 2019 - 2011 = 8

Substitute in the given equation:

For 2020

t = 2020-2011 = 9

First calculate V(0)

Formula for the growth rate is given by:

Growth Rate = (present/past)^1/t - 1

Where

Past = 115.31

Calculate Growth Rate for 2019

Present = 230.62

t = 8

Substitute in the equation of Growth rate:

In percentage, the growth rate is:

G.R = 9.05 %

Calculate Growth Rate for 2020

Present = 251.38

t = 9

Substitute in the equation of Growth rate:

GR= 9.05%

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know