(a) First, P(7)−P(0)=115(1.014)7−115(1.014)0≈0.1175 billion people is the total population change. It follows that the average rate of change over this time period is AV[0,7]=70.1175≈0.01679 billion people per year. The instantaneous rate of change of the population at t=7 is
P′(7)=h→0limAV[7,7+h]=h→0limh115(1.014)7+h−115(1.014)7, and approximating this quantity with small values of h, it follows that P′(7)≈0.1762. Hence, the instantaneous rate of change at t=7 is greater than the average rate of change of Pon the interval [0,7].
(b) Using the formula for average rate of change,
AV[19,29]=29−191.15(1.014)29−1.15(1.014)19≈0.02234
billion people/year.
(c) We will say that today's date is July 1, 2015, which means that t=22.5, so we want to compute P′(22.5). The limit definition tells us that
P′(22.5)=h→0limh115(1.014)22.5+h−115(1.014)22.5. Estimating this limit by using small values of h, we determine that P′(22.5)≈0.02186, which is measured in billions of people per year.
(d) We want the equation of the tangent line that has slope P′(22.5)≈0.02186 and that passes through the point (22.5,P(22.5)). Using point-slope form, it follows that the line is given by
y−1.57236=0.02186(t−22.5).