If P(t) denotes the population at time t and A(t) denotes the average annual income, then T(t) = P(t)A(t) is the total personal income. In this exercise, we estimate the rate at which the total personal income is rising in a town in Colorado. In 2015, the population of this city was 107,300, and the population was increasing by roughly 1,920 people per year. The average annual income was $60,270 per capita, and this average was increasing at about $2,500 per year (a little above the national average of about $1,810 yearly). Use the Product Rule and these figures to estimate the rate at which total personal income was rising (in millions of dollars per year) in the city in 2015. (Round your answer to the nearest whole number.) $ million per year
If P(t) denotes the population at time t and A(t) denotes the average annual income, then T(t) = P(t)A(t) is the total personal income. In this exercise, we estimate the rate at which the total personal income is rising in a town in Colorado. In 2015, the population of this city was 107,300, and the population was increasing by roughly 1,920 people per year. The average annual income was $60,270 per capita, and this average was increasing at about $2,500 per year (a little above the national average of about $1,810 yearly). Use the Product Rule and these figures to estimate the rate at which total personal income was rising (in millions of dollars per year) in the city in 2015. (Round your answer to the nearest whole number.) $ million per year
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter3: Polynomial And Rational Functions
Section3.1: Quadratic Functions And Models
Problem 56E: When a certain drug is taken orally, the concentration of the drug in the patient's bloodstream...
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If
P(t)
denotes the population at time
t
and
A(t)
denotes the average annual income, then
T(t) = P(t)A(t)
is the total personal income. In this exercise, we estimate the rate at which the total personal income is rising in a town in Colorado. In 2015, the population of this city was 107,300, and the population was increasing by roughly 1,920 people per year. The average annual income was $60,270 per capita, and this average was increasing at about $2,500 per year (a little above the national average of about $1,810 yearly). Use the Product Rule and these figures to estimate the rate at which total personal income was rising (in millions of dollars per year) in the city in 2015. (Round your answer to the nearest whole number.)$ million per year
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