Homework Help is Here – Start Your Trial Now!
Math
Statistics
1. It is widely predicted that China's economy, mea- sured by Gross Domestic Product (GDP), will even- tually overtake that of the United States. Table 3.17 shows the GDPs for China and the United States from 2005 and projected to 2040 under the assump tion that China's GDP will grow at an average annual rate of 6.5% and that the United States' GDP will grow at an average annual rate of 2%. Investigate when China's GDP will reach that of the United States under these assumptions about the countries' growth rates by using the following steps. 1. a. Create a scatter plot for the data, with x equal to the number of years after 2000 and y equal to China's GDB

1. It is widely predicted that China's economy, mea- sured by Gross Domestic Product (GDP), will even- tually overtake that of the United States. Table 3.17 shows the GDPs for China and the United States from 2005 and projected to 2040 under the assump tion that China's GDP will grow at an average annual rate of 6.5% and that the United States' GDP will grow at an average annual rate of 2%. Investigate when China's GDP will reach that of the United States under these assumptions about the countries' growth rates by using the following steps. 1. a. Create a scatter plot for the data, with x equal to the number of years after 2000 and y equal to China's GDB

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
China GDP Year ($ trillions) 2005 2.3 2008 4.6 2011 7.5 2014 10.5 2017 12.0 2020 14.5 2023 17.5 (Source Bloomberg.com U.S. GDP ($ trillions) 13.1 + 14.7 15.5 2032 2035 17.4 19.4 20.6 21.8 China GDP U.S. GDP ($ trillions) 23.2 24.6 26.1 27.7 29.4 30.6 Year ($ trillions) 2026 21.2 2029 25.6 30.9 37.3 2038 45.1 2040 51.1 2. China's GDP vs. United States' GDP I. It is widely predicted that China's economy, mea- sured by Gross Domestic Product (GDP), will even- tually overtake that of the United States. Table 3.17 shows the GDPs for China and the United States from 2005 and projected to 2040 under the assump- tion that China's GDP will grow at an average annual rate of 6.5% and that the United States' GDP will grow at an average annual rate of 2%. Investigate when China's GDP will reach that of the United States under these assumptions about the countries" growth rates by using the following steps. 1. a. Create a scatter plot for the data, with x equal to the number of years after 2000 and y equal to China's GDP in trillions of dollars. Would these data be better modeled by a linear function or a quadratic function? b. Find the quadratic function that models these data, with x equal to the number of years after 2000 and y equal to the GDP in trillions of dollars. Report the model with three significant digits. c. Graph the model on the same axes with the data and discuss how well the function fits the data. d. What does the model predict that the GDP will be in 2052? e. When will it reach $51.8 trillion? 2. a. Create a scatter plot for the data, with x equal to the number of years after 2000 and y equal to the United States' GDP in trillions of dollars. b. Find the linear function that models these data, with x equal to the number of years after 2010 and y equal to the GDP in trillions of dollars. Report the model with three significant digits. e. Graph the model on the same axes with the data, and discuss how well the function fits the data. d. What does the model predict that the GDP will be in 2048? e. When will it reach $35.2 trillion? 3. a. Find the intersection of the graphs of the reported models for the GDPs of China and the United States to determine the year in which China's economy is projected to reach that of the United States under the assumptions above. b. What is the projected GDP for the countries when they are equal?
Transcribed Image Text:China GDP Year ($ trillions) 2005 2.3 2008 4.6 2011 7.5 2014 10.5 2017 12.0 2020 14.5 2023 17.5 (Source Bloomberg.com U.S. GDP ($ trillions) 13.1 + 14.7 15.5 2032 2035 17.4 19.4 20.6 21.8 China GDP U.S. GDP ($ trillions) 23.2 24.6 26.1 27.7 29.4 30.6 Year ($ trillions) 2026 21.2 2029 25.6 30.9 37.3 2038 45.1 2040 51.1 2. China's GDP vs. United States' GDP I. It is widely predicted that China's economy, mea- sured by Gross Domestic Product (GDP), will even- tually overtake that of the United States. Table 3.17 shows the GDPs for China and the United States from 2005 and projected to 2040 under the assump- tion that China's GDP will grow at an average annual rate of 6.5% and that the United States' GDP will grow at an average annual rate of 2%. Investigate when China's GDP will reach that of the United States under these assumptions about the countries" growth rates by using the following steps. 1. a. Create a scatter plot for the data, with x equal to the number of years after 2000 and y equal to China's GDP in trillions of dollars. Would these data be better modeled by a linear function or a quadratic function? b. Find the quadratic function that models these data, with x equal to the number of years after 2000 and y equal to the GDP in trillions of dollars. Report the model with three significant digits. c. Graph the model on the same axes with the data and discuss how well the function fits the data. d. What does the model predict that the GDP will be in 2052? e. When will it reach $51.8 trillion? 2. a. Create a scatter plot for the data, with x equal to the number of years after 2000 and y equal to the United States' GDP in trillions of dollars. b. Find the linear function that models these data, with x equal to the number of years after 2010 and y equal to the GDP in trillions of dollars. Report the model with three significant digits. e. Graph the model on the same axes with the data, and discuss how well the function fits the data. d. What does the model predict that the GDP will be in 2048? e. When will it reach $35.2 trillion? 3. a. Find the intersection of the graphs of the reported models for the GDPs of China and the United States to determine the year in which China's economy is projected to reach that of the United States under the assumptions above. b. What is the projected GDP for the countries when they are equal?
Expert Solution
steps

Step by step

Solved in 4 steps with 9 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS