key term - Doubling time

Definition

Doubling time is the period it takes for a quantity to double in size or value at a constant growth rate. It is commonly used in exponential growth models.

5 Must Know Facts For Your Next Test

1. Doubling time can be calculated using the formula $T_d = \frac{\ln(2)}{r}$, where $T_d$ is the doubling time and $r$ is the growth rate expressed as a decimal.
2. In exponential growth, as the rate increases, the doubling time decreases.
3. Doubling time is used in various fields such as finance, biology, and demography to model exponential growth.
4. A higher frequency of doubling indicates faster exponential growth of a quantity.
5. Understanding logarithms is essential to deriving and comprehending the formula for doubling time.

Review Questions

Related terms

Exponential Growth:

A process that increases quantity over time at a rate proportional to its current value.

Logarithm:

The inverse operation to exponentiation, indicating what power a base number must be raised to obtain another number.

Growth Rate:

The rate at which a quantity increases over a specific period of time.