The median weekly earnings for 16-24-year-old men employed full time are given below. Median Weekly Earnings in Constant 2008 Dollars Year 2000 2002 2003 2004 2005 2006 2008 Earnings, s (dollars) 375 391 398 400 409 418 461 (a) Why is a cubic model a reasonable choice for the data? A scatter plot of the data suggests a cubic function because it is increasing and is concave down before 2004 and concave up after 2004. O A scatter plot of the data suggests a cubic function because it is decreasing and is concave up before 2004 and concave down after 2004. OA scatter plot of the data suggests a cubic function because it is decreasing and is concave down before 2004 and concave up after 2004. OA scatter plot of the data suggests a cubic function because it is increasing and is concave up before 2004 and concave down after 2004. ✓ (b) Write a model for the weekly salary of 16-24-year-old men in constant 2008 dollars. (Be sure to use t as the independent variable. Align the input data so that t= 0 in 2000. Round all numerical values to three decimal places.) s(t) = -Select--- gives the median weekly salary of 16-24 year old men employed full-time -Select-- since 2000, 0 st≤ 8. x (c) Use the unrounded model to estimate the median weekly earnings for 16-24-year-old men in 2015. (Round your answer to the nearest dollar.) $ (d) What type of estimation was made in part (c)? O extrapolation O interpolation
The median weekly earnings for 16-24-year-old men employed full time are given below. Median Weekly Earnings in Constant 2008 Dollars Year 2000 2002 2003 2004 2005 2006 2008 Earnings, s (dollars) 375 391 398 400 409 418 461 (a) Why is a cubic model a reasonable choice for the data? A scatter plot of the data suggests a cubic function because it is increasing and is concave down before 2004 and concave up after 2004. O A scatter plot of the data suggests a cubic function because it is decreasing and is concave up before 2004 and concave down after 2004. OA scatter plot of the data suggests a cubic function because it is decreasing and is concave down before 2004 and concave up after 2004. OA scatter plot of the data suggests a cubic function because it is increasing and is concave up before 2004 and concave down after 2004. ✓ (b) Write a model for the weekly salary of 16-24-year-old men in constant 2008 dollars. (Be sure to use t as the independent variable. Align the input data so that t= 0 in 2000. Round all numerical values to three decimal places.) s(t) = -Select--- gives the median weekly salary of 16-24 year old men employed full-time -Select-- since 2000, 0 st≤ 8. x (c) Use the unrounded model to estimate the median weekly earnings for 16-24-year-old men in 2015. (Round your answer to the nearest dollar.) $ (d) What type of estimation was made in part (c)? O extrapolation O interpolation
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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Question
Transcribed Image Text:The median weekly earnings for 16-24-year-old men employed full time are given below.
Median Weekly Earnings in Constant
2008 Dollars
Year
2000
2002
2003
2004
2005
2006
2008
Earnings, s
(dollars)
375
391
398
400
409
418
461
(a) Why is a cubic model a reasonable choice for the data?
A scatter plot of the data suggests a cubic function because it is increasing and is concave down before 2004 and concave up after 2004.
O A scatter plot of the data suggests a cubic function because it is decreasing and is concave up before 2004 and concave down after 2004.
O A scatter plot of the data suggests a cubic function because it is decreasing and is concave down before 2004 and concave up after 2004.
O A scatter plot of the data suggests a cubic function because it is increasing and is concave up before 2004 and concave down after 2004.
(b) Write a model for the weekly salary of 16-24-year-old men in constant 2008 dollars. (Be sure to use t as the independent variable. Align the input data so that t = 0 in 2000. Round all numerical values to three decimal places.)
s(t) =
--Select--- gives the median weekly salary of 16-24 year old men employed full-time --Select-- since 2000, 0 st≤ 8.
X
(c) Use the unrounded model to estimate the median weekly earnings for 16-24-year-old men in 2015. (Round your answer to the nearest dollar.)
$
(d) What type of estimation was made in part (c)?
O extrapolation
O interpolation
4
Expert Solution
Step 1
Given is a dataset for median weekly earning of a 16-24 year old men, employed full-time.
Consider the year to be as the initial year. So in .
Then the given dataset is as below:
| 0 | 2 | 3 | 4 | 5 | 6 | 8 | |
| 375 | 391 | 398 | 400 | 409 | 418 | 461 |
Now plot the data set according to the given set of numbers considering the -axis as and -axis as .
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