Question

The share of households in the United States that are earning middle-class incomes has been in decline since the 1970s. The percentage of households with annual incomes within of the median income is given by:

Answer 1

Answer:

P(t)= 50.3^-0,09 (1≤t≤6)

"t" should be measuread in decades. t=1means 1980.

Explanation:

Middle class income is a term used to describe citizens who are on the rise economically and do not represent the country's economic elite, but neither do they represent the most needy and marginalized population. This class is characterized by citizens who earn between $ 50,000 and $ 500,000 a year.

In American society, the middle-income class has been decreasing more and more each year. This reduction has been measured since 1970 and the way to calculate the percentage of families with annual income within the median income is through the formula: P (t) = 50.3 ^ -0.09 (1≤t≤6).

"t" should be measuread in decades. t = 1means 1980.