Credit card companies aggressively compete for credit card holders. The percentage of Americans having credit cards has increased inrecent years, as shown in the following table.Percentage of AmericansHaving a Credit CardYear19891992199519982001Percentage56.062.466.467.572.7(a) Use these data to determine the linear least squares regression function with percentage having a credit card as a functionof years since 1989 (x = 0 for 1989). (Round any numerical values to two decimal places.)f(x) =(b) Use the linear function to estimate the percentage having a credit card in 1981. (Round your answer to one decimal place.)%(c) Use the linear function to estimate the percentage having a credit card in 2007. (Round your answer to one decimal place.)%(d) According to the function, when will 100% of Americans have a credit card? (Round your answer to the nearest year.)

The linear equation is defined as y=a+bx . The least square regression technique uses a dataset to…

Answered: Credit card companies aggressively…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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The poverty level for a family of four, two parents with two children under 18, for selected years from 1990 is shown in the following table. Poverty Threshold for a Family of Four Year 1990 1997 2000 2005 Threshold $14,300 $15,400 $18,800 $20,150 (a) Find the least squares linear regression function for threshold level as a function of years since 1990. (Let x = 0 represent the year 1990. Round your coefficients to one decimal place.) y = (b) Use the linear function to estimate when the poverty threshold level will reach $27,000. (Round your answer down to the nearest year.) The threshold level is estimated to reach $27,000 in the year 2016
An article gave a scatter plot along with the least squares line of x = rainfall volume (m³) and y = runoff volume (m³) for a particular location. The accompanying values were read from the plot. x 6 12 14 16 23 30 40 52 55 67 72 83 96 112 127 y 4 10 13 14 15 25 27 45 38 46 53 76 82 99 103 (a) Does a scatter plot of the data support the use of the simple linear regression model? O Yes, the scatterplot shows a reasonable linear relationship. O Yes, the scatterplot shows a random scattering with no pattern. O No, the scatterplot shows a reasonable linear relationship. O No, the scatterplot shows a random scattering with no pattern. (b) Calculate point estimates of the slope and intercept of the population regression line. (Round your answers to four decimal places.) slope intercept (c) Calculate a point estimate of the true average runoff volume when rainfall volume is 52. (Round your answer to four decimal places.) m³ (d) Calculate a point estimate of the standard deviation o. (Round…
An article gave a scatter plot along with the least squares line of x = rainfall volume (m³) and y = runoff volume (m³) for a particular location. The accompanying values were read from the plot. X 4 12 14 20 23 30 40 50 55 67 72 83 96 112 127 y 4 10 13 14 15 25 27 45 38 46 53 75 82 99 104 USE SALT (a) Does a scatter plot of the data support the use of the simple linear regression model? o Yes, the scatterplot shows a reasonable linear relationship. Yes, the scatterplot shows a random scattering with no pattern. No, the scatterplot shows a reasonable linear relationship. No, the scatterplot shows a random scattering with no pattern. (b) Calculate point estimates of the slope and intercept of the population regression line. (Round your answers to four decimal places.) slope X X .84210 intercept -1.86631 (c) Calculate a point estimate of the true average runoff volume when rainfall volume is 45. (Round your answer to four decimal places.) 40.2387 X m 3 (d) Calculate a point estimate of…
Report the equation of the regression line and interpret it in the context of the problem
At Hard Rock’s Moscow restaurant, the manager is trying to evaluate how a new advertising campaign affects guest counts. Using data for the past 10 months (see the table), develop a least-squares regression relationship and then forecast the expected guest count when advertising is $65,000.
An article gave a scatter plot along with the least squares line of x = rainfall volume (m3) and y = runoff volume (m3) for a particular location. The accompanying values were read from the plot. x 6 12 14 20 23 30 40 50 55 67 72 79 96 112 127 y 4 10 13 15 15 25 27 46 38 46 53 74 82 99 104 (a) Does a scatter plot of the data support the use of the simple linear regression model? Yes, the scatterplot shows a reasonable linear relationship.Yes, the scatterplot shows a random scattering with no pattern. No, the scatterplot shows a reasonable linear relationship.No, the scatterplot shows a random scattering with no pattern. (b) Calculate point estimates of the slope and intercept of the population regression line. (Round your answers to four decimal places.) slope intercept (c) Calculate a point estimate of the true average runoff volume when rainfall volume is 50. (Round your answer to four decimal places.) m3(d) Calculate a point estimate of the…
The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. The following data represents the value in 2014 (in $millions) and the annual revenue (in $millions) for the 30 Major League Baseball franchises. Suppose you want to develop a simple linear regression model to predict franchise value based on annual revenue generated. Team Revenue Value Baltimore 245 1000 Boston 370 2100 Chicago White Sox 227 975 Cleveland 207 825 Detroit 254 1125 Houston 175 800 Kansas City 231 700 Los Angeles Angels 304 1300 Minnesota 223 895 New York Yankees 508 3200 Oakland 202 725 Seattle 250 1100 Tampa Bay 188 625 Texas 266 1220 Toronto 226 870 Arizona 211 840 Atlanta 267 1150 Chicago Cubs 302 1800 Cincinnati 227 885 Colorado…
The following table gives estimates of the percent of a certain country's population below the poverty level for 1998–2008. Year Percent 1998 12.8 2000 11.2 2002 12.1 2004 12.7 2006 12.9 2008 13.2 Find the least squares line that relates years to percent below the poverty level. (Let x = 0 represent the year 1998. Enter a mathematical expression.
(e) Find the least-squares regression line treating square footage as the explanatory variable.
a) Determine the least squares regression equation for the population in years since 2005. Round the slope and y-intercept to the nearest tenth. b) Find the correlation coefficient, r-value, of the line. Round your answer to the nearest thousandth. c) Predict the population for the 2020. ____ thousand people
How much of the variation in average annual energy expenditures is explained by the least-squares regression line? Round the answer to at least one decimal place.
he table shows the minimum wage rates for the United States during different years. Year 1978 1979 1980 1990 1991 1996 1997 2007 2008 2009 Minimum hourly wage ($) 2.65 2.90 3.35 3.80 4.25 4.75 5.15 5.85 6.55 7.25 Write the least squares regression equation that models the data. Let x = time in years since 1900 and let y = minimum hourly wage. Use the equation to estimate the minimum hourly wage of a U.S. worker in 2025. Show your work. Answer:

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