Question

In 2000, the median household income was $41,990. In 2010, it was $49,445. (Source: www.census.gov.)

Answer 1

The average rate of change in the median household income over this time period is $745.5

What is the average rate of change in the median household income over this time period?

The given parameters are:

2000, the median household income was $41,990.

2010, it was $49,445.

The average rate of change in the median household income over this time period is calculated as:

Average rate of change = (Difference in Income)/(Difference in years)

So, we have:

Average rate of change = (41990 - 49445)/(2000-2010)

Evaluate

Average rate of change = 745.5

Hence, the average rate of change in the median household income over this time period is $745.5

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