The question is incomplete The complete question is
Estimate the rate at which the total personal income is rising. The population is 961,400 and it increases by 9,200 people per year. The average annual income is 30,593 dollars per capita, and this increases by 1,400 dollars per year. Using the product rule, estimate the rate at which the total personal income rises.
Answer:
The answer is 3.58%
Step-by-step explanation:
The population of the area = 961,400
Population increase at the rate of 9,200 per year
Average annual income = $30,593
Average annual income increase rate at $1400 per year.
The total annual income will be calculated as population of the area times the average annual income
$961,400 X $30,593 = $29,412,110,200
The expected annual income increase for the entire population will be calculated as average annual income increase times entire population
$1,400 X 961,400 = $1,345,960,000
Then the annual income after increase will be a summation of average total annual income and the expected annual increase in income
$29,412,110,200 + $1,345,960,000 =$30,758,070,200
To get the total population after increase, we add the total population to the rate of increase of the population
961,400 + 9,200 =970,600
To get the expected average annual income after increase we divide the total annual income after increase by the total population after increase
$30,758,070,200 / 970,600 =$31,689.75
Finally, to get the total annual income increase for the entire population, we divide the average annual income increase by the average annual income
$31,689.75/$30,593.00=1.0358 - 1 =.0358 X 100 =3.58%
