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The exponential function that represents Pine Bluff's population based on the number of years after 2000, x, after a period of population decline is:
P(x) = 55068 * 2^-x
Here, P(x) represents the population after x years, and the function is based on an initial population of 55068 in the year 2000. The term 2^-x represents the population decline, with each subsequent year resulting in a halving of the population.