In This Exercise We Estimate the Rate at Which the Total

Short Answer

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 961,600, and the population was increasing at roughly 9,400 people per year. The average annual income was $30,591 per capita, and this average was increasing at about $1,300 per year (a little above the national average of about $1,225 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.