10th Edition

ISBN: 8220102020252

Author: RITCHEY

Publisher: PEARSON

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Textbook Question

Chapter 1.3, Problem 15E

Mean Earnings The mean earnings (in dollars) of workers 18 years and over, by educational attainment, have increased steadily over the years and are given in the following table. Let x equal the number of years since 1900. Source: U.S. Census.

Year	High School Graduate	Bachelor’s Degree
1976	8393	13,033
1978	9834	15,291
1980	11,314	18,075
1982	12,560	20,272
1984	13,893	23,072
1986	15,120	26,511
1988	16,750	28.344
1990	17,820	31,112
1992	18,737	32,629
1994	20,248	37,224
1996	22,154	38,112
1998	23,594	43,782
2000	25,692	49,595
2002	27,280	51,194
2004	28,631	51,568
2006	31,071	56,788
2008	31,283	58,613
2010	31,003	57,621
2012	32,630	60,159

(a) Plot the data for high school graduates and for workers with a bachelor’s degree. Do the data points lie in a linear pattern?
(b) Find an equation for the least squares line for the mean earnings of high school graduates. Calculate and interpret the correlation coefficient.
(c) Based on your answer from part (b), at approximately what rate are the mean earnings of high school graduates growing per year?
(d) Find an equation for the least squares line for the mean earnings of workers with a bachelor’s degree. Calculate and interpret the correlation coefficient.
(e) Based on your answer from part (d), at approximately what rate are the mean earnings of workers with a bachelor’s degree growing per year?
(f) If these trends continue linearly, in what year will the mean earnings for high school graduates exceed $75,000? In what year will workers with a bachelor’s degree exceed $75,000?

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Chapter 1.3, Problem 14E

Chapter 1.3, Problem 16E

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Chapter 1 Solutions

EBK FINITE MATHEMATICS AND CALCULUS WIT

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Solution Summary: The author illustrates how to sketch the data for high school graduates and for workers with a bachelor's degree and check whether they are linear or not.

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