Credit card companies aggressively compete for credit card holders. The percentage of Americans having credit cards has increased in recent years, as shown in the following table.Percentage of AmericansHaving a Credit Card1989 1992 1995 1998 200156.0 62.467.5 72.766.4YearPercentage(a) Use these data to determine the linear least squares regression function with percentage having a credit card as a function of years since 1989 (x = 0 for 1989). (Round any numerical values to twodecimal places.)f(x) =(b) Use the linear function to estimate the percentage having a credit card in 1985. (Round your answer to one decimal place.)%(c) Use the linear function to estimate the percentage having a credit card in 2004. (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.)

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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…
Use least squares regression to fit a line to the table data below.
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…
Directions: Construct a Regression Model for the following data. Year Wage (in dollars) 2000 5.15 2005 5.15 2010 7.25 2016 7.25 U.S. Federal Minimum Wage 1. State your regression model (least-squares line). Make sure you first convert the Year into Years after 2000. y = 2. Use your model to predict the minimum wage for the year 2022. y = dollars 3. Use your model to predict when the minimum wage will reach $10. When During year Rounding: If you do round the numbers in your work, make sure you do it during your last step.
Report the equation of the regression line and interpret it in the context of the problem
Size Energy Expenditure 250 1153 750 1256 1250 1696 1750 1830 2250 2016 2750 2150 3250 2217 3750 2534 The percentage of variation in average annual energy expenditures that is explained by the least-squares regression line is
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.
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