Concept explainers
U.S. farms. The number N of farms in the United States has declined continually since 1950. In 1950, there were 5,650,000 farms, and in 2012, that number had decreased to 2,170,000. (Sources: U.S. Department of Agriculture; National Agriculture; National Agricultural Statistics Service.)
Assuming the number of farms decreased according to the exponential decay model:
a. Find the value of k, and write an exponential function that describes the number of farms after time t, where t is the number of years since 1950.
b. Estimate the number of farms in 2016 and in 2020.
c. At this decay rate, when will only 1,000,000 farms remain?
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Calculus and Its Applications (11th Edition)
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