Personal Income 408 9 839 5 2315 4 4876 9 8421.7 10 234 2 Total personal income of the country (in billions of dollars) for selected years from 1960 to 2005 is given in the table Year 1960 1970 1980 1990 2000 2005 (a) These data can be modeled by an exponential function. Write the equation of this function, with x as the number of years after 1960 (b) If this model is accurate, what will be the country's total personal income in 2010? (c) In what year does the model predict the total personal income will reach $22 trillion? (a) The equation of an exponential function that models the data is y (Use integers or decimals for any numbers in the expression Round to three decimal places as needed) (b) The country's total personal income in 2010 will be S billion (Round to three decimal places as needed) (c) The total personal income will reach $22 trillion in the year (Round up to the nearest year )
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Trending now
This is a popular solution!
Step by step
Solved in 6 steps
