The Graph Shows the Actual Percentage of U

question 6

Short Answer

The graph shows the actual percentage of U.S. households with a computer as a function of household income (the data points)and a logistic model of these data (the curve). The logistic model is where is the household income in thousands of dollars. According to the model, what percentage of extremely wealthy households had computers? P = __________%

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Definitions:

Vertical Straight Line

In the context of graphing, a line that runs straight up and down, parallel to the y-axis, representing an infinite or undefined slope.

Quantity Supplied

The level of a good or service that sellers are eager and able to provide for purchase at a set price over a given period.

Perfectly Price Inelastic

A market situation where the quantity demanded of a good does not change in response to changes in its price.

Total Income

The sum of all earnings obtained from work, investments, and other sources before any taxes or deductions.