8. In 2004, the distribution of net worth within the United States was as given in the following table: PERCENTAGE OF POPULATION PERCENTAGE OF WEALTH 0.4 0.6 0.8 0.9 0.002 0.04 0.153 0.287 ource: Prof. E. N. Wolff, Levy Institute of Economics at Bard College, 2007.) a) According to the table, what percentage of net worth was held by the top 1% ? (Hint: What percentage did the other 99% hold?) b) Use regression to fit an exponential function g(x)= a b* to these data. c) Determine the area between the line of equality and the graph of g(x) over the interval [0, 1]. 0.95 0.99 1 0.41 0.656 1
8. In 2004, the distribution of net worth within the United States was as given in the following table: PERCENTAGE OF POPULATION PERCENTAGE OF WEALTH 0.4 0.6 0.8 0.9 0.002 0.04 0.153 0.287 ource: Prof. E. N. Wolff, Levy Institute of Economics at Bard College, 2007.) a) According to the table, what percentage of net worth was held by the top 1% ? (Hint: What percentage did the other 99% hold?) b) Use regression to fit an exponential function g(x)= a b* to these data. c) Determine the area between the line of equality and the graph of g(x) over the interval [0, 1]. 0.95 0.99 1 0.41 0.656 1
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![8. In 2004, the distribution of net worth within the
United States was as given in the following table:
PERCENTAGE OF POPULATION
PERCENTAGE OF WEALTH
0.9
0.4 0.6 0.8
0.002 0.04 0.153 0.287
(Source: Prof. E. N. Wolff, Levy Institute of Economics at Bard College, 2007.)
a) According to the table, what percentage of net
worth was held by the top 1% ? (Hint: What
percentage did the other 99% hold?)
b) Use regression to fit an exponential function
g(x)= a b to these data.
c) Determine the area between the line of equality
and the graph of g(x) over the interval [0, 1].
0.95 0.99
1
0.41 0.656 1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9090cee2-e90d-4a10-833f-9f95651c436f%2F49b263fd-44ce-4077-9ba0-79307660c397%2F9suemai_processed.jpeg&w=3840&q=75)
Transcribed Image Text:8. In 2004, the distribution of net worth within the
United States was as given in the following table:
PERCENTAGE OF POPULATION
PERCENTAGE OF WEALTH
0.9
0.4 0.6 0.8
0.002 0.04 0.153 0.287
(Source: Prof. E. N. Wolff, Levy Institute of Economics at Bard College, 2007.)
a) According to the table, what percentage of net
worth was held by the top 1% ? (Hint: What
percentage did the other 99% hold?)
b) Use regression to fit an exponential function
g(x)= a b to these data.
c) Determine the area between the line of equality
and the graph of g(x) over the interval [0, 1].
0.95 0.99
1
0.41 0.656 1
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