Question
Look at the table given below that gives the population of the United States, the cost of the U.S. census, and the percentage increase of
Look at the table given below that gives the population of the United States, the cost of the U.S. census, and the percentage increase of both variables for years beginning with 1950. Do you see any growth patterns in any of these variables? What growth model (if any) would you use to describe each variable?
United States Population and Cost of the Census
| 1950 | 151,325,798 | 14.9% | $91,462,000 | 35.4% |
| 1960 | 179,323,175 | 18.5% | $127,934,000 | 39.9% |
| 1970 | 203,302,031 | 13.4% | $247,653,000 | 93.6% |
| 1980 | 226,542,199 | 11.4% | $1,078,488,000 | 335.5% |
| 1990 | 248,718,301 | 9.8% | $2,492,830,000 | 131.1% |
| 2000 | 281,421,906 | 13.1% | $4,500,000,000 | 80.5% |
| 2010 | 308,400,408 | 9.6% | $13,000,000,000 | 188.9% |
Source:U.S. Census Bureau.
The three different mathematical models the question is referring too are; linear growth, exponential growth, and logistical growth.
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An Introduction to the Mathematics of Financial Derivatives
Authors: Ali Hirsa, Salih N. Neftci
3rd edition
012384682X, 978-0123846822
