The share of aggregate income held by middle-income households in 1970 was 62%, whereas that held by upper-incomehouseholds was 29%. The corresponding figures in 2014 were 43% and 49%, respectively. The models describing the fall and therise in the share of the aggregate incomes of these two groups are approximately linear over the period under consideration.(a) Find the mathematical models describing the percent share of aggregate income held by each group from 1970 through2014. (Let t denote the time, in years, with t= 0 corresponding to the beginning of 1970.)middle-income households y =upper-income householdsy =x(b) Find the time when the aggregate income held by upper-income households first exceeded that held by middle-incomehouseholds. (Give the calendar year in which the change occurred.)

Answered: Image /qna-images/answer/ffd24045-2ce1-4fda-a625-5cef9ed60392.jpg

Answered: The share of aggregate income held by…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Similar questions

In May, about 451 thousand existing homes were sold in the U.S., and sales were decreasingby 3.4% per month.(a) Create a model for this situation. (Recall that you should define the independent anddependent variables and their units, as well as provide an equation.)(b) If this trend continues, how many existing homes will be sold in the U.S. in October?(Round to the nearest thousand homes.)
The below data represent the advertising expenditure and sales of Liu Liu Ltd from year 2010 to 2019. Table: Advertising Expenditure vs. Sales from 2010 to 2019 Year Advert. Expenditure Sales Growth rate of Ad. Expenditure Growth rate of Sales (x, £000) (y, £000) 2010 19 84 2011 22 108 18% 29% 2012 32 82 46% -24% 2013 42 86 32% 6% 2014 47 84 11% -3% 2015 46 94 -2% 11% 2016 58 103 27% 10% 2017 63 115 8% 12% 2018 70 106 11% -8% 2019 80 142 15% 34% Total 479 1004 a. What is the statistical relationship shown in the table and list out 3 characteristics of this relationship?
The idea of a large, stable middle class (defined as those with annual household incomes in 2010 between $42,000 and $126,000 for a family of three), is central to America's sense of itself. But the U.S. middle class shrank steadily from 61% of all adults in 1971 (t = 0) to 51% in 2011 (t = 4), where t is measured in decades. Research has shown that this decline was approximately linear.† (a) Find a linear function f(t) giving the percentage of middle-income adults in decade t, where t = 0 corresponds to 1971. (b) If this trend continues, what will the percentage of middle-income adults be in 2041?
Using Social Security Administration data for selected years from 2012 and projected to 2050, the U.S. consumer price index (CPI) can be modeled by the function y = 0.0682x² + 1.76x + 96.0 where x is the number of years past 2010 and y is the CPI in dollars. With a reference of 100 in 2012, a CPI of 120 in another year means that goods and services costing $100 in 2012 are expected to cost $120 in that other year (a) Use a table to determine a viewing window that shows a complete graph of this function for the years from 2010 to 2050. 2050 corresponds to an x value of which corresponds to a y value of The y maximum should be -Select-than this function value (b) Graph the function. y 300 250 200 150 100 50 0 y 300 250 200 150 100 50 X = Need Help? 51 F Partly sunny 10 10 20 Read It 20 30 30 T X 40 40 y 300 250 200 150 100 50 0 0 10 (c) Use the graph to estimate when the CPI is predicted to reach 250. (Round your answer to the nearest whole year.) years 20 30 Q Search 40 y 300 250 200…
II.
Based on the following graph, what is the year when the largest decrease in GDP took place ? GDP (change YoY) 6% 5% 4% 4% 3% 3% 3% 3% 2% 2% 1% -1% -1% -8% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010o 2011 2012 2013 2009 2001 2005 2007
According to a high-profile realtor, houses in the sleepy town of Sun Beach have shown higher appreciation over the past three years than have houses in the bustling town of North Arden. To test the realtor's claim, an economist has found twelve recently sold homes in Sun Beach and twelve recently sold homes in North Arden that were owned for exactly three years. The following table gives the appreciation (expressed as a percentage increase) for each of the twenty- four houses. Appreciation rates in percent Sun Beach 12.5, 12.2, 10.4, 12.9, 6.5, 15.0, 10.1, 10.6, 12.1, 10.8, 10.4, 9.1 North Arden 9.2, 10.7, 9.7, 7.8, 9.7, 12.1, 9.4, 6.1, 7.8, 9.3, 4.6, 11.0 Send data to calculator v Assume that the two populations of appreciation rates are normally distributed and that the population variances are equal. Can we conclude, at the 0.05 level of significance, that houses in Sun Beach have higher appreciation over the past three years than houses in North Arden? Perform a one-tailed test.…
The following are historical demand data: ACTUAL YEAR 2011 SEASON DEMAND Spring 201 Summer 142 Fall 380 Winter 578 2012 Spring 469 Summer 273 Fall Winter 683 963 Use regression analysis on deseasonalized demand to forecast demand in summer 2013. (Do not round intermediate calculations. Round your answer to the nearest whole number.) Forecast for summer 2013
Use regression analysis on deseasonalized demand to forecast demand in summer 2013. Forecast for summer 2023 ______

Recommended textbooks for you

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Mathematics For Machine Technology

Advanced Math

ISBN:

9781337798310

Author:

Peterson, John.

Publisher:

Cengage Learning,

Basic Technical Mathematics

Advanced Math

ISBN:

9780134437705

Author:

Washington

Publisher:

PEARSON

Topology

Advanced Math

ISBN:

9780134689517

Author:

Munkres, James R.

Publisher:

Pearson,

SEE MORE TEXTBOOKS