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.)
1. Estimate the retails sales in the U. S. in 2011. billions of dollars = 2. Use the model to predict the year that corresponds to retails sales of $249 billion =
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 fourteen recently sold homes in Sun Beach and fourteen 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- eight houses. Appreciation rates in percent Sun Beach 10.4, 8.0, 8.0, 151, 9.9, 11.8, 14.0, 8.9, 9.6, 12.6, 13.8, 10.8, 9.3, 11.1 North Arden 13.5, 9.6, 7.2, 11.1, 5.3, 11.2, 7.1, 10.3, 6.7, 10.9, 6.6, 9.4, 8.2, 5.5 Send data to calculator 144Hz 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 μ₁, the mean appreciation rate of houses in Sun Beach, is higher than μ2, the mean appreciation…
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 fourteen recently sold homes in Sun Beach and fourteen 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- eight houses. Appreciation rates in percent Sun Beach 12.9, 8.4, 7.0, 11.9, 6.2,9.9, 13.9, 11.9, 11.3, 10.9, 13.4, 7.5, 11.0, 11.1 North Arden 13.4,9.8, 4.9, 8.6, 11.8,9.3,8.1, 7.8, 11.7, 12.2, 9.6, 7.1, 7.3, 8.6 Send data to calculator Send data to Excel 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 the mean appreciation rate of houses in Sun Beach, u, is higher than u, the mean…
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.…
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 eight recently sold homes in Sun Beach and eight 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 sixteen houses. Appreciation rates in percent Sun Beach 10.2, 9.7, 12, 10.4, 7.9, 10.9, 9.6, 13.3 North Arden 7.5, 12.8, 5.9, 8.5, 8.1, 9.3, 6.3, 13.4 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 null hypothesis: H0:…
Nominal income refers to an income value that is not adjusted for inflation. Real income adjusts the nominal value for the rate of inflation. Real income per capita is considered a good measure of the buying power of an individual in a particular area because it adjusts for both the number of people in the area and the relative inflation of the area. According to Forbes magazine, the state with the highest annual real income per capita in 2020 is Connecticut with a real per capita income of $68,533. Suppose that the annual real income of individuals in Connecticut follows a normal distribution with a mean of $68,533 and standard deviation of $23,480. (a) What is the probability that an individual in Connecticut has an annual real income of $54,000 or more? (Round your answer to four decimal places.) (b) What is the probability that an individual in Connecticut has an annual real income of $29,000 or less? (Round your answer to four decimal places.) (c) What is the probability…

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