The following table shows the average annual income in a certain country, adjusted for inflation, for the given year.t = years since 1980 I= annual income0$23,0095$23,01610$25,28415$26.49420$30,81925$30,35030$28,738(a) Find the equation of the regression line. (Round regression line parameters to two decimal places.)I(t) = 62.48t+22810 x>(b) Plot the data along with the regression line.

The data for average annual income is given below:

The following table shows the average annual income in a certain country, adjusted for inflation, for the given year- t = years since 1980 I= annual income 0 $23,009 5 $23,016 10 15 20 25 30 $25,284 $26.494 $30,819 $30,350 $28,738 (a) Find the equation of the regression line. (Round regression line parameters to two decimal places.) I(t) = 62.48t + 22810 x (b) Plot the data along with the regression line.

The following table shows the average annual income in a certain country, adjusted for inflation, for the given year- t = years since 1980 I= annual income 0 $23,009 5 $23,016 10 15 20 25 30 $25,284 $26.494 $30,819 $30,350 $28,738 (a) Find the equation of the regression line. (Round regression line parameters to two decimal places.) I(t) = 62.48t + 22810 x (b) Plot the data along with the regression line.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 1.3CE

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Question

The following table shows the average annual income in a certain country, adjusted for inflation, for the given year.
t = years since 1980 I= annual income
0
$23,009
5
$23,016
10
$25,284
15
$26.494
20
$30,819
25
$30,350
30
$28,738
(a) Find the equation of the regression line. (Round regression line parameters to two decimal places.)
I(t) = 62.48t+22810 x
>
(b) Plot the data along with the regression line.

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