Based on the national income and income per capita, the population of the country is 10,000 people.
If the population and total income grow, the income per capita is $302.91 but if the country's population does not grow, the income per capita is $312.
How is income per capita found?
It is found by the formula:
= Total income / Population
The population is therefore:
= 3,000,000 / 300
= 10,000 people
The income per capita if population grows 3% and total income grows 4% is:
= (3,000,000 x 1.04) / (10,000 x 1.03)
= $302.91
If only the total income grew:
= (3,000,000 x 1.04) / 10,000
= $312
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