Concept explainers
World Military Expenditure The following chart shows total military and arms trade expenditure from 1992–2010 (
Source: www.globalissues.org/Geopolitics/ArmsTrade/Spending.asp.
a. If you want to model the expenditure figures with a function of the form
b. Which of the following models best approximates the data given? (Try to answer this without actually computing values.)
A.
B.
C.
D.
c. What is the nearest year that would correspond to the vertex of the graph of the correct model from part (b)? What is the danger of extrapolating the data in either direction?
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Chapter 2 Solutions
Student Solutions Manual for Waner/Costenoble's Applied Calculus, 7th
- Q1. The table provided gives data on indexes of output per hour (X) and real compensation per hour (Y) for the business and nonfarm business sectors of the U.S. economy for 1960–2005. The base year of the indexes is 1992 = 100 and the indexes are seasonally adjusted. a. Plot Y against X for the two sectors separately. b. What is the economic theory behind the relationship between the two variables? Does the scattergram support the theory? c. Estimate the OLS regression of Y on X. Note: on the table ( 1. Output refers to real gross domestic product in the sector. 2. Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. 3. Hourly compensation divided by the consumer price index for all urban consumers for recent quarters.) Thank you!arrow_forwardThe Internal Revenue Service Restructuring and Reform Act (RRA) was signed into law by President Bill Clinton in 1998. A major objective of the RRA was to promote electronic filing of tax returns. The data in the table that follows show the percentage of individual income tax returns filed electronically for filing years 2000–2008. Since the percentage P of returns filed electronically depends on the filing year y and each input corresponds to exactly one output, the percentage of returns filed electronically is a function of the filing year;so P(y) represents the percentage of returns filed electronically for filing year y. (a) Find the average rate of change of the percentage of e-filed returns from 2000 to 2002. (b) Find the average rate of change of the percentage of e-filed returns from 2004 to 2006. (c) Find the average rate of change of the percentage of e-filed returns from 2006 to 2008. (d) What is happening to the average rate of change as time passes?arrow_forwardU.S. Population The number of White non-Hispanicindividuals in the U.S. civilian non-institutional population 16 years and older was 153.1 million in 2000and is projected to be 169.4 million in 2050.(Source: U.S. Census Bureau)a. Find the average annual rate of change in population during the period 2000–2050, with the appropriate units.b. Use the slope from part (a) and the population in2000 to write the equation of the line associatedwith 2000 and 2050.c. What does this model project the population to bein 2020?arrow_forward
- EXERCISE 1.3arrow_forwardQ. Table provided gives data on gross domestic product (GDP) for the United States for the years 1959–2005. a. Plot the GDP data in current and constant (i.e., 2000) dollars against time. b. Letting Y denote GDP and X time (measured chronologically starting with 1 for 1959, 2 for 1960, through 47 for 2005), see if the following model fits the GDP data: Yt = β1 + β2 Xt + ut Estimate this model for both current and constant-dollar GDP. c. How would you interpret β2? d. If there is a difference between β2 estimated for current-dollar GDP and that estimated for constant-dollar GDP, what explains the difference? e. From your results what can you say about the nature of inflation in the United States over the sample period?arrow_forwardproblen 1.4arrow_forward
- (3.7) #10arrow_forwardAn aerobic exercise instructor remembers the data given in the following table, which shows the recommended maximum exercise heart rates for individuals of the given ages. Predict the maximum exercise heart rate of a person who is 72 years old Age (x years) 20 30 40 50 60 Maximum heart rate (y beats per minute) 170 168 153 147 136arrow_forward
- Calculus For The Life SciencesCalculusISBN:9780321964038Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.Publisher:Pearson Addison Wesley,Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage