Concept explainers
(a)
To calculate: The linear equation of the line that is the best fit for the data using linear regression, with y represents the disposable income and C represents the consumption and the data for the U.S national income disposal income from 2012 to 2040 is tabulated below.
Year | Income | Consumption |
(b)
To graph: The data and the linear regression line and discuss the fit.
The following table gives the U.S. national consumption and disposable income (both in billions of dollars) for presidential election years from 2012 and projected to 2040.
Year | Income | Consumption |
(c)
To calculate: The U.S. disposable income when the U.S. national consumption is
Year | Income | Consumption |
(d)
To calculate: The slope of the reported model and interpret it. The following table gives the U.S. national consumption and disposable income (both in billions of dollars) for presidential election years from 2012 and projected to 2040.
Year | Income | Consumption |
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Chapter 14 Solutions
Mathematical Applications for the Management, Life, and Social Sciences
- If your graphing calculator is capable of computing a least-squares sinusoidal regression model, use it to find a second model for the data. Graph this new equation along with your first model. How do they compare?arrow_forwardDoes Table 1 represent a linear function? If so, finda linear equation that models the data.arrow_forwardWhat is regression analysis? Describe the process of performing regression analysis on a graphing utility.arrow_forward
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