In recent years, the median income for all U.S. households has declined. In 2007, the median income (in 2012 dollars) was $55,627. By 2012, the median income had fallen to $51,017. This decline has been roughly linear. Source: U.S. Census Bureau. (a) Determine a linear equation that approximates this decline in the median income in terms of t, where t represents the number of years since 2000.(b) Describe the rate at which the median income for all U.S. households is changing.(c) Based on the answer to part (a), what is the predicted me- dian income in 2015?(d) If this trend were to continue, in what year would the me- dian income drop below $40,000?
Equations and Inequations
Equations and inequalities describe the relationship between two mathematical expressions.
Linear Functions
A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.
In recent years, the median income for all U.S. households has declined. In 2007, the median income (in 2012 dollars) was $55,627. By 2012, the median income had fallen to $51,017. This decline has been roughly linear. Source: U.S. Census Bureau.
(a) Determine a linear equation that approximates this decline in the median income in terms of t, where t represents the number of years since 2000.
(b) Describe the rate at which the median income for all U.S. households is changing.
(c) Based on the answer to part (a), what is the predicted me- dian income in 2015?
(d) If this trend were to continue, in what year would the me- dian income drop below $40,000?
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