(adsbygoogle = window.adsbygoogle || []).push({}); 1. The problem statement, all variables and given/known data

In this exercise we estimate the rate at which the total personal income is rising in the Richmond-Petersburg, Virginia, metropolitan area. In 1999, the population of this area was 961,400, and the population was increasing at roughly 9200 people per year. The average annual income was $30,593 per capita, and this average was increasing at about $1400 per year (a little above the national average of about $1225 yearly). Use the Product Rule and these figures to estimate the rate at which total personal income was rising in the Richmond-Petersburg area in 1999. Explain the meaning of each term in the Product Rule.

2. Relevant equations

Product Rule: (fg)' = fg' + gf'

3. The attempt at a solution

I haven't gotten very far at all. I've taken all the figures given and written them out into a table, like so:

year:1999

population:961,400

population growth:9200 people/year

avg. annual income per capita:$30,593

avg. income growth:$1400/year

national avg. income growth:$1225/year

So that's what's given. I'm told I need to use the Power Rule, which I understand. What I do not understand is where to begin. I tried to see what f(x) and g(x) will be here but can't wrap my head around it.

Pointers would be appreciated. Thanks!

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# Homework Help: Estimating the rate at which the total personal income of a town is rising

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