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Median Income The U.S. Census Bureau reported that the
Chapter , Problem 58A(choose chapter or problem)
Problem 58A
Median Income The U.S. Census Bureau reported that the median income for all U.S. households in 2008 was $50,303. In 1988, the median income (in 2008 dollars) was $47,614. The median income is approximately linear and is a function of time. Find a formula for the median income, I, as a function of the year t, where t is the number of years since 1900. Source: U.S Census Bureau.
Questions & Answers
QUESTION:
Problem 58A
Median Income The U.S. Census Bureau reported that the median income for all U.S. households in 2008 was $50,303. In 1988, the median income (in 2008 dollars) was $47,614. The median income is approximately linear and is a function of time. Find a formula for the median income, I, as a function of the year t, where t is the number of years since 1900. Source: U.S Census Bureau.
ANSWER:
Solution
Step 1 of 2
In this problem, using the given data from the problem, we need to determine the equation which describes the median income for all US households as a function of time from the year 1900
Given data and when
where y indicates median income and t corresponds to years(1900 is taken to be 0, hence 1988 corresponds to 88 and 2008 is taken to be 108)