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 = 2.1, 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.) реople How many people have $10 million or more? (Round your answer to the nearest whole number.) people

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Chapter6: Exponential And Logarithmic Functions
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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)
%3D
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 = 2.1, 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.)
%3D
people
How many people have $10 million or more? (Round your answer to the nearest whole number.)
people
Transcribed Image Text: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) %3D 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 = 2.1, 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.) %3D people How many people have $10 million or more? (Round your answer to the nearest whole number.) people
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