39. In this exercise we estimate the rate at which the total per- sonal income is rising in the Richmond-Petersburg, Virginia, metropolitan area. In 1999, the population of this area was 961,400, and the population was increasing at roughly 9200 people per year. The average annual income was $30,593 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 Richmond-Petersburg area in 1999. Explain the meaning of each term in the Product Rule.
39. In this exercise we estimate the rate at which the total per- sonal income is rising in the Richmond-Petersburg, Virginia, metropolitan area. In 1999, the population of this area was 961,400, and the population was increasing at roughly 9200 people per year. The average annual income was $30,593 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 Richmond-Petersburg area in 1999. Explain the meaning of each term in the Product Rule.
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter20: Income Inequality And Poverty
Section: Chapter Questions
Problem 2QCMC
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Question
![39. In this exercise we estimate the rate at which the total per-
sonal income is rising in the Richmond-Petersburg, Virginia,
metropolitan area. In 1999, the population of this area was
961,400, and the population was increasing at roughly 9200
people per year. The average annual income was $30,593
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
Richmond-Petersburg area in 1999. Explain the meaning of
each term in the Product Rule.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa348b626-d11a-4fda-bde0-3f5b4b57c0b9%2F48f7eaf9-63ca-43bb-8046-9865d489e31b%2Fn0ms4la_processed.jpeg&w=3840&q=75)
Transcribed Image Text:39. In this exercise we estimate the rate at which the total per-
sonal income is rising in the Richmond-Petersburg, Virginia,
metropolitan area. In 1999, the population of this area was
961,400, and the population was increasing at roughly 9200
people per year. The average annual income was $30,593
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
Richmond-Petersburg area in 1999. Explain the meaning of
each term in the Product Rule.
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