PART C ONLY For this exercise, round all regression parameters to three decimal places.The following table shows the median income, in thousands of dollars, of American families for 2003 through 2008.YearIncome (thousands of dollars)200352.68200454.06200556.19200658.41200761.36200861.52(a) Plot the data.HH62626161606059595858575756565555545453532004200520062007200820042005200620072008P Type here to searchB.FULLHD 1080aceA SP 1RE M Gmail8 YouTubeO Maps5 Mail - Frizzell, Abig.ContentBb 42823707 * Mind Tap - Cengage.56565555545453532004200520062007200820042005200620072008(b) Use exponential regression to construct an exponential model for the income data. (Let t be years since 2003 and H be the median household income in thousand of dollars.)OH- 49.035 x 1.245tOH = 71.932 x 0.856tOH = 62.520 x 0.967tOH = 57.370 x 1.010O H = 52.587 x 1.035(c) What was the yearly percentage growth rate in median family income during this period? (Use the model found in part (b). Round your answer to one decimal place.)X %(d) From 2003 through 2008, inflation was about 3% per year. Did median family income keep pace with inflation during this period?O YesO NoSubmit Answer6:22 PM* B OВ.4/21/2022P Type here to searchFULLHD 1080•SPI REPausePrtScPrtscSysRaF5F6F9F10F11F12InsertDeleteF4EscAScr LkBreak

Answered: Image /qna-images/answer/f8361102-efa5-487f-b7b3-231fc20d3a2f.jpg

OH= 57.370 x 1.010 O H = 52.587 x 1.035 (c) What was the yearly percentage growth rate in median family income during this period? (Use the model found in part (b). Round your answer to one decimal place.) X % (d) From 2003 through 2008. inflation was about 3% per vear, Did median family income keep pace with inflation during this period?

OH= 57.370 x 1.010 O H = 52.587 x 1.035 (c) What was the yearly percentage growth rate in median family income during this period? (Use the model found in part (b). Round your answer to one decimal place.) X % (d) From 2003 through 2008. inflation was about 3% per vear, Did median family income keep pace with inflation during this period?

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter4: Exponential Functions

Section4.4: Modeling Nearly Exponential Data

Problem 3E: Special Rounding Instructions For this exercise set, round all regression parameters to three...

See similar textbooks

Similar questions

For the following exercises, consider the data in Table 5, which shows the percent of unemployed in a city ofpeople25 years or older who are college graduates is given below, by year. 41. Based on the set of data given in Table 7, calculatethe regression line using a calculator or othertechnology tool, and determine the correlationcoefficient to three decimal places.
For the following exercises, consider the data in Table 5, which shows the percent of unemployed ina city of people 25 years or older who are college graduates is given below, by year. 40. Based on the set of data given in Table 6, calculate the regression line using a calculator or other technology tool, and determine the correlation coefficient to three decimal places.
Find the equation of the regression line for the following data set. x 1 2 3 y 0 3 4
For the following exercises, use Table 4 which shows the percent of unemployed persons 25 years or older who are college graduates in a particular city, by year. Determine whether the trend appears linear. If so, and assuming the trend continues, find a linear regression model to predict the percent of unemployed in a given year to three decimal places.
For the following exercises, consider this scenario: The profit of a company decreased steadily overa ten-year spam.The following ordered pairs shows dollars and the number of units sold in hundreds and the profit in thousands ofover the ten-year span, (number of units sold, profit) for specific recorded years: (46,600),(48,550),(50,505),(52,540),(54,495). Use linear regression to determine a function Pwhere the profit in thousands of dollars depends onthe number of units sold in hundreds.
For the following exercises, consider the data in Table 5, which shows the percent of unemployed in a city of people 25 years or older who are college graduates is given below, by year. 38. Determine whether the trend appears to be linear.If so, and assuming the trend continues, find alinear regression model to predict the percent of unemployed in a given year to three decimal places.
Special Rounding Instructions For this exercise set, round all regression parameters to three decimal places, but round all other answers to two decimal places unless otherwise indicated. First Down The following table shows the probability P, as a percentage, of a college football team converting on fourth down when not goal to go versus the distance D, in yards, to the first down maker. 28 D = distance, in yards P = probability 1 70 2 60 3 53 4 46 5 41 6 37 7 34 8 32 a.Use exponential regression to model the data. b.Plot the data along with the exponential model. c.What probability does the model give of gaining a first down for fourth down and 10yards to go? Note: the actual probability is 28.
Table 6 shows the population, in thousands, of harbor seals in the Wadden Sea over the years 1997 to 2012. a. Let x represent time in years starting with x=0 for the year 1997. Let y represent the number of seals in thousands. Use logistic regression to fit a model to these data. b. Use the model to predict the seal population for the year 2020. c. To the nearest whole number, what is the limiting value of this model?
Cable TV The following table shows the number C. in millions, of basic subscribers to cable TV in the indicated year These data are from the Statistical Abstract of the United States. Year 1975 1980 1985 1990 1995 2000 C 9.8 17.5 35.4 50.5 60.6 60.6 a. Use regression to find a logistic model for these data. b. By what annual percentage would you expect the number of cable subscribers to grow in the absence of limiting factors? c. The estimated number of subscribers in 2005 was 65.3million. What light does this shed on the model you found in part a?
Special Rounding Instructions For this exercise set, round all regression parameters to three decimal places, but round all other answers to two decimal places unless otherwise indicated. Cost of Scientific periodicals The table below shows the average cost C, in dollars, of chemistry and physics periodicals tyears after 1980. 29 t=yearssince1980 C=cost,indollars 0 140 5 250 10 410 15 780 20 1300 22 1520 a.Make an exponential model of C as a function of t. b.Plot the data and the exponential model. c.What was the yearly percentage growth rate of the cost of chemistry and physics periodicals? d.If this exponential trend continues, what will be the expected average cost of physics and chemistry periodicals in 2020? Round your answer to the nearest dollar.
For this exercise, round all regression parameters to three decimal places. The following table shows the number† P of design patents awarded by the U.S. Patent and Trademark Office from 1950 through 2010. t = years since 1950 P = patents 0 4718 10 2543 20 3214 30 3949 40 8024 50 17,413 60 22,799 c) In what years were there more patents awarded than might be expected from the model? (Enter your answers as a comma-separated list.)
Using the previous regression model, what salary would you expect a 23 year old male student with a 3.5 GPA to expect? Round your answer to 1 decimal and express in $1,000's (same format the Salary variable has in the Excel dataset, so $50,000 would be 50.0).