1. The annual net income of MAC Industries since 2005 is given below. Years t (since 2005) Net Income 1 4 6 12 15 $1,500 $2,500 $2,875 $2,850 $2,250 a. Create a scatter plot that includes your curve of best fit on top of the data. You should try several functions and make your choice based on best r-squared value. b. Find the year that Net Income was at its highest point. c. What was the income in that year?
1. The annual net income of MAC Industries since 2005 is given below. Years t (since 2005) Net Income 1 4 6 12 15 $1,500 $2,500 $2,875 $2,850 $2,250 a. Create a scatter plot that includes your curve of best fit on top of the data. You should try several functions and make your choice based on best r-squared value. b. Find the year that Net Income was at its highest point. c. What was the income in that year?
Chapter2: Developing The Business Idea
Section: Chapter Questions
Problem 1cM
Related questions
Question
Answer

Transcribed Image Text:1. The annual net income of MAC Industries since 2005 is given
below.
Years t (since 2005)
Net Income
1
4
6
12
15
$1,500 $2,500 $2,875 $2,850 $2,250
a. Create a scatter plot that includes your curve of best fit on
top of the data. You should try several functions and make
your choice based on best r-squared value.
b. Find the year that Net Income was at its highest point.
c. What was the income in that year?
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 3 images

Recommended textbooks for you

Essentials Of Business Analytics
Statistics
ISBN:
9781285187273
Author:
Camm, Jeff.
Publisher:
Cengage Learning,

Essentials Of Business Analytics
Statistics
ISBN:
9781285187273
Author:
Camm, Jeff.
Publisher:
Cengage Learning,