Personal Income Personal income (in billions of dollars) in the United States was 12,430 in 2008 and 14,167 in 2013. Assume that the relationship between the personal income y and the time t (in years) is linear. Let t = 0 represent 2000. (Source: U.S. Bureau of Economic Analysis) (a) Write a linear model for the data. (b) Estimate the personal incomes in 2011 and 2014. (c) Use your school’s library, the Internet, or some other reference source to find the actual personal incomes in 2011 and 2014. How close were your estimates?
Personal Income Personal income (in billions of dollars) in the United States was 12,430 in 2008 and 14,167 in 2013. Assume that the relationship between the personal income y and the time t (in years) is linear. Let t = 0 represent 2000. (Source: U.S. Bureau of Economic Analysis) (a) Write a linear model for the data. (b) Estimate the personal incomes in 2011 and 2014. (c) Use your school’s library, the Internet, or some other reference source to find the actual personal incomes in 2011 and 2014. How close were your estimates?
Personal Income Personal income (in billions of dollars) in the United States was 12,430 in 2008 and 14,167 in 2013. Assume that the relationship between the personal income y and the time t (in years) is linear. Let t = 0 represent 2000. (Source: U.S. Bureau of Economic Analysis)
(a) Write a linear model for the data.
(b) Estimate the personal incomes in 2011 and 2014.
(c) Use your school’s library, the Internet, or some other reference source to find the actual personal incomes in 2011 and 2014. How close were your estimates?
Calculus for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
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