Concept explainers
The minimum hourly wage, y (in dollars per hour), in the United States can be approximated by the equation
a. Use the equation to approximate the minimum wage in the year 1980.
b. Use the equation to estimate the minimum wage in 2015.
c. Determine the y-intercept. Interpret the meaning of the y-intercept in the context of this problem.
d. Determine the slope. Interpret the meaning of the slope in the context of this problem.
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