<span>This is the term used to describe economic systems in which the basic economic questions are answered based on a socially, pre-established way.</span>
Assuming that the population follows an exponential function, the it will take the form: y=a(bˣ) where: a=initial value b=growth factor x=time thus plugging our values in the equation we get: y=40000(1.1ˣ) thus the population in 2011 when t=3 will be: y=40000(1.1³) y=53240
