Concept explainers
Erosion of the Middle Class 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
a. Find a linear function
b. If this trend continues, what will the percentage of middle-income adults be in 2021?
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Chapter 1 Solutions
Finite Mathematics for the Managerial, Life, and Social Sciences
- DVD Player Sales The table shows the number of DVD players sold in a small electronics store in the years 2003-2013. Year DVD players sold 2003 495 2004 513 2005 410 2006 402 2007 520 2008 580 2009 631 2010 719 2011 624 2012 582 2013 635 aWhat was the average rate of change of sales between 2003 and 2013? bWhat was the average rate of change of sales between 2003 and 2004? cWhat was the average rate of change of sales between 2004 and 2005? dBetween which two successive years did DVD player sales increase most quickly? Decrease most quickly?arrow_forwardUse this data for the exercises that follow: In 2013, there were roughly 317 million citizens in the United States, and about 40 million were elderly (aged 65 and over).[34] 60. It is predicted that by 2030, one in five U.S. citizens will be elderly. How much greater will the chances of meeting an elderly person be at that time? What policy changes do you foresee if these statistics hold true?arrow_forwardCable TV The following table shows the number C. in millions, of basic subscribers to cable TV in the indicated year These data are from the Statistical Abstract of the United States. Year 1975 1980 1985 1990 1995 2000 C 9.8 17.5 35.4 50.5 60.6 60.6 a. Use regression to find a logistic model for these data. b. By what annual percentage would you expect the number of cable subscribers to grow in the absence of limiting factors? c. The estimated number of subscribers in 2005 was 65.3million. What light does this shed on the model you found in part a?arrow_forward
- Oil ProductionThe following table shows the amount of crude oil in billions of barrels produced in the United States in recent years. Source: U.S. Energy Information Administration. Year Crude Oil Produced 2002 2.097 2003 2.060 2004 1.989 2005 1.893 2006 1.857 2007 1.853 2008 1.830 2009 1.954 2010 2.000 2011 2.063 2012 2.377 In this exercise we are interested in the total amount of crude oil produced over the 10-year period from mid-2002 to mid-2012, using the data for the 11 years above. One approach is to sum up the numbers in the second column, but only count half of the first and last numbers. Give the answer to this calculation. Approximate the amount of crude oil produced over the 10-year period 2002-2012 by taking the average of the left endpoint sum and the right endpoint sum. Explain why this is equivalent to the calculation done in part a. This is also equivalent to a formula known as the trapezoidal rule, discussed in the next chapter. If your calculator has a cubic regression feature, find the best-fitting cubic function for these data, letting t=0 correspond to 2000. Then integrate this equation over the interval [2.12] to estimate the amount of crude oil produced over this time period. Compare with your answer to part a.arrow_forwardUsing the model in Example 6, estimate the number of cases of flu on day 15.arrow_forward
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