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marusya05 [52]
3 years ago
5

Estimate the rate at which the total personal income is rising in a metropolitan area. In 1999, the population of this area was

918,000, and the population was increasing at roughly 9700 people per year. The average annual income was $34,549 per capita, and this average was increasing at about $1300 per year (a little above the national average of about $1225 yearly).
Required:
Use the Product Rule to estimate the rate at which total personal income was rising in the area in 1999.
Mathematics
1 answer:
Natasha2012 [34]3 years ago
6 0

Answer:

X=\$1.64*10^9

Step-by-step explanation:

From the question we are told that:

Population size P=918000

Rate of Population increase  \frac{dP}{dt}=9700

Average annual income I= \$34,549

Rate of annual income increase  \frac{dI}{dt}=\$1300

Generally the equation for Total Income is mathematically given by

X=P \frac{dI}{dt}+I \frac{dP}{dt}

X=918000*1400+(9200*30593)

X=\$1.64*10^9

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