Vilfredo Pareto (1848-1923) observed that most of the wealth of a country is owned by a...

   

Transcribed Image Text:

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 = 6000, 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 Use the Laws of Logarithms to evaluate the expression. log4(16400) 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 = 6000, 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 Use the Laws of Logarithms to evaluate the expression. log4(16400)