Saturday, January 7, 2012

Use the Product Rule and these figures to estimate the rate at which...?

In this exercise we estimate the rate at which the total personal income is rising in a metropolitan area. In 1999, the population of this area was 990,400, and the population was increasing at roughly 9900 per year. The average annual income was $30,388 per capita, and this average was increasing at about $1400 per year (a little above the national average of about $1225 yearly). Use the Product Rule and these figures to estimate the rate at which total personal income was rising in the area in 1999.

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