Vilfredo Pareto (1848-1923) observed that most of the wealth of a country is owned by a few members of the population. Pareto's Principle is log(P) = log(c) − k log(W) where W is the wealth level (how much money a person has) and P is the number of people in the population having that much money. (a) Solve the equation for P. P = (b) Assume k = 1.9, c = 2000, and W is measured in millions of dollars. Use part (a) to find the number of people who have $2 million or more. (Round your answer to the nearest whole number.) people How many people have $10 million or more?
Vilfredo Pareto (1848-1923) observed that most of the wealth of a country is owned by a few members of the population. Pareto's Principle is log(P) = log(c) − k log(W) where W is the wealth level (how much money a person has) and P is the number of people in the population having that much money. (a) Solve the equation for P. P = (b) Assume k = 1.9, c = 2000, and W is measured in millions of dollars. Use part (a) to find the number of people who have $2 million or more. (Round your answer to the nearest whole number.) people How many people have $10 million or more?
Chapter6: Exponential And Logarithmic Functions
Section6.6: Exponential And Logarithmic Equations
Problem 79SE: Recall the formula for continually compoundinginterest, y=Aekt. Use the definition of a...
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Vilfredo Pareto (1848-1923) observed that most of the wealth of a country is owned by a few members of the population. Pareto's Principle is
log(P) = log(c) − k log(W)
where W is the wealth level (how much money a person has) and P is the number of people in the population having that much money.
(a) Solve the equation for P.
(b) Assume k = 1.9, c = 2000, and W is measured in millions of dollars. Use part (a) to find the number of people who have $2 million or more. (Round your answer to the nearest whole number.)
people
How many people have $10 million or more? (Round your answer to the nearest whole number.)
people
| P = |
|
(b) Assume k = 1.9, c = 2000, and W is measured in millions of dollars. Use part (a) to find the number of people who have $2 million or more. (Round your answer to the nearest whole number.)
people
How many people have $10 million or more? (Round your answer to the nearest whole number.)
people
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