39. In this exercise we estimate the rate at which the total per- sonal income is rising in the Richmond-Petersburg, Virginia, metropolitan area. In 1999, the population of this area was 961,400, and the population was increasing at roughly 9200 people per year. The average annual income was $30,593 per capita, and this average was increasing at about $1400 per year (a little above the national average of about $1225 yearly). Use the Product Rule and these figures to estimate the rate at which total personal income was rising in the Richmond-Petersburg area in 1999. Explain the meaning of each term in the Product Rule.

39. In this exercise we estimate the rate at which the total per- sonal income is rising in the Richmond-Petersburg, Virginia, metropolitan area. In 1999, the population of this area was 961,400, and the population was increasing at roughly 9200 people per year. The average annual income was $30,593 per capita, and this average was increasing at about $1400 per year (a little above the national average of about $1225 yearly). Use the Product Rule and these figures to estimate the rate at which total personal income was rising in the Richmond-Petersburg area in 1999. Explain the meaning of each term in the Product Rule.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter18: Poverty And Redistribution

Section: Chapter Questions

Problem 1.1P

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