Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn

Exercise 1

Suppose that the current (first) generation consists of 1 million people, half of whom are women. If the total fertility rate iS₁.3 and the only way people die is of old age, how big will the fourth generation (the great-grandchildren) be How much smaller (in percentage terms) is each generation than the previous generation How much smaller (in percentage terms) is the fourth generation than the first generation Are you surprised by how quickly the population declines