MACROECONOMICS W/SAPLING PLUS
10th Edition
ISBN: 9781319258900
Author: Mankiw
Publisher: MAC HIGHER
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Chapter 19, Problem 3PA
(a)
To determine
The life-cycle model and dissaving.
(b)
To determine
The attitude of people who dissave.
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The accompanying table shows the average annual wage for a country, in thousands of dollars, for selected years from 1970 and projected to 2040.
a. Find an exponential function that models these data, with x equal to the number of years after 1970 and y equal to the average annual wage in thousands of dollars.
b. Graph the model and the data on the same axes.
c. What does the model predict that the average annual wage will be in 2030? Is this interpolation or extrapolation?
d. When does the model predict that the average annual wage will reach $230,000?
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. Graph the model on the same axis as the data. Choose the correct graph below.
All graphs are shown in a [0,70,10] by [0,250,50] viewing window.
OA.
OB.
c. According to the model, the average annual wage in 2030 will be $ thousand.
(Round to one decimal place as…
EXERCISE 3.5
1. Given the following model:
Y = C÷lo+Go
C = a + b(YT) (a> 0,
T = d+tY
(d>0,
0 0, 0
How Regression models are used for Forecasting purpose?
Chapter 19 Solutions
MACROECONOMICS W/SAPLING PLUS
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