Vilfredo Pareto (1848-1923) observed that most of the wealth of a country is owned by a few members of the population. Pareto's Principle is log(P) log(c) k log(W) where W is the wealth level (how much money a person has) and P is the number of people in the population having that much money. (a) Solve the equation for P. P = (b) Assume k = 1.5, c = 7000, and W is measured in millions of dollars. Use part (a) to find the number of people who have $2 million or more. (Round your answer to the nearest whole number.) people How many people have $10 million or more? (Round your answer to the nearest whole number.) people

Vilfredo Pareto (1848-1923) observed that most of the wealth of a country is owned by a few members of the population. Pareto's Principle is log(P) log(c) k log(W) where W is the wealth level (how much money a person has) and P is the number of people in the population having that much money. (a) Solve the equation for P. P = (b) Assume k = 1.5, c = 7000, and W is measured in millions of dollars. Use part (a) to find the number of people who have $2 million or more. (Round your answer to the nearest whole number.) people How many people have $10 million or more? (Round your answer to the nearest whole number.) people

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter5: Inverse, Exponential, And Logarithmic Functions

Section5.3: The Natural Exponential Function

Problem 9E

See similar textbooks