Economic dependency ratio The economic dependency ratio is defined as the number of persons in the total population who are not in the workforce per 100 in the workforce. Since 1960, baby boomers in the workforce and a decrease in the birth rate have caused a significant decrease in the economic dependency ratio. With data for selected years from 1960 and projected to 2050, the economic dependency ratio R can be modeled by the function R ( x ) = − 0.0002 x 3 + 0.052 x 2 + 4.06 x + 192 where x is the number of years past 1950 (Source: U.S. Department of Labor). Use this model to find the year in which the economic dependency ratio reached its minimum. What was happening in the United States around this time that helps explain why the minimum occurred in this year?
Economic dependency ratio The economic dependency ratio is defined as the number of persons in the total population who are not in the workforce per 100 in the workforce. Since 1960, baby boomers in the workforce and a decrease in the birth rate have caused a significant decrease in the economic dependency ratio. With data for selected years from 1960 and projected to 2050, the economic dependency ratio R can be modeled by the function R ( x ) = − 0.0002 x 3 + 0.052 x 2 + 4.06 x + 192 where x is the number of years past 1950 (Source: U.S. Department of Labor). Use this model to find the year in which the economic dependency ratio reached its minimum. What was happening in the United States around this time that helps explain why the minimum occurred in this year?
Solution Summary: The author explains how the economic dependency ratio R can be modeled if x is equal to the number of years past 1950.
Economic dependency ratio The economic dependency ratio is defined as the number of persons in the total population who are not in the workforce per 100 in the workforce. Since 1960, baby boomers in the workforce and a decrease in the birth rate have caused a significant decrease in the economic dependency ratio. With data for selected years from 1960 and projected to 2050, the economic dependency ratio R can be modeled by the function
R
(
x
)
=
−
0.0002
x
3
+
0.052
x
2
+
4.06
x
+
192
where x is the number of years past 1950 (Source: U.S. Department of Labor). Use this model to find the year in which the economic dependency ratio reached its minimum. What was happening in the United States around this time that helps explain why the minimum occurred in this year?
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.
01 - What Is A Differential Equation in Calculus? Learn to Solve Ordinary Differential Equations.; Author: Math and Science;https://www.youtube.com/watch?v=K80YEHQpx9g;License: Standard YouTube License, CC-BY
Higher Order Differential Equation with constant coefficient (GATE) (Part 1) l GATE 2018; Author: GATE Lectures by Dishank;https://www.youtube.com/watch?v=ODxP7BbqAjA;License: Standard YouTube License, CC-BY