1969 1974 1979 1984 1989 1994 1999 2004 2009 2014 50th 47,896 48,483 50,030 48,650 53,290 50,968 57,826 55.569 54,944 53,657 Percentile 1. Using R software or EXCEL, find the equation of the best fit line using a least squares linear regression model for the data with h representing the Household Income and t representing the year since 1969, 2. Use the equations found in part (1), to predict the 50th percentile Household Income in 2017. Explain why the model may or may not be accurate predictor for Household Income in the year 2017. 3. Use the equations found in part (1), to predict the 50th percentile Household Income in 2025. Explain why the model may or may not be accurate predictor for Household Income in the year 2025.
1969 1974 1979 1984 1989 1994 1999 2004 2009 2014 50th 47,896 48,483 50,030 48,650 53,290 50,968 57,826 55.569 54,944 53,657 Percentile 1. Using R software or EXCEL, find the equation of the best fit line using a least squares linear regression model for the data with h representing the Household Income and t representing the year since 1969, 2. Use the equations found in part (1), to predict the 50th percentile Household Income in 2017. Explain why the model may or may not be accurate predictor for Household Income in the year 2017. 3. Use the equations found in part (1), to predict the 50th percentile Household Income in 2025. Explain why the model may or may not be accurate predictor for Household Income in the year 2025.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.6: Regression And Median-fit Lines
Problem 22PFA
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