Many of the following problems can be modeled with a linear equation. Analyze them and identify what quantities the variables x and y represent. The information provided in the problems is adequate to determine a point and a slope or two points on the line.
The Institute for Policy Studies did a survey of average CEO’s pay, corporate profits, and the minimum wage for the period 199022005. Items (a) through (c) below show their findings, adjusted for inflation:
(a) CEOs’ average pay increased 298%.
(b) Corporate profits increased 107%.
(c) Minimum wages decreased 9% (Inflation increased faster than minimum wages).
(d) For each of (a) through (c) find the percent increase as a function of years since 1990. Use 0% for 1990.
(e) Use the functions found in (d) to estimate the percent increase for 2015.
(f) Do you think that the information in (a) through (e) above does or does not support the statement, “The rich get richer and the poor get poorer.”
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