In Exercises 49–54, assume that a constant rate of change exists for each model formed.
Revenue from Gas Taxes. As a result of cars getting better gas mileage, the increased use of electric vehicles, and fewer miles being driven, revenues from U.S. gas taxes are declining. It is projected that the gas-tax revenue will drop from $24.1 billion in 2017 to $20.3 billion by 2025. Let
a. Find a linear function that fits the data.
b. Use the function of part (a) to estimate the projected gas tax revenue in 2019 and in 2023.
c. At this rate of decrease, when will the gas tax revenue be $19.8 billion?
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Intermediate Algebra (13th Edition)
- Q1. The table provided gives data on indexes of output per hour (X) and real compensation per hour (Y) for the business and nonfarm business sectors of the U.S. economy for 1960–2005. The base year of the indexes is 1992 = 100 and the indexes are seasonally adjusted. a. Plot Y against X for the two sectors separately. b. What is the economic theory behind the relationship between the two variables? Does the scattergram support the theory? c. Estimate the OLS regression of Y on X. Note: on the table ( 1. Output refers to real gross domestic product in the sector. 2. Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. 3. Hourly compensation divided by the consumer price index for all urban consumers for recent quarters.) Thank you!arrow_forwardIn Exercises 11–22, find the equation of each of the curves described by the given information.arrow_forwardThe following table gives the U.S. population, ages 20–64, (in millions) for selected years from 1950 and projected to 2050. Year Millions Year Millions 1950 92.8 2010 189.1 1960 99.8 2020 198.2 1970 113.0 2030 202.8 1980 134.0 2040 213.3 1990 152.7 2050 224.3 2000 169.8 (a) Find the logistic function that models these data. Use x as the number of years after 1950 and report your model with 3 significant digit coefficients. y = 251(1+2.56e(−0.0273x)) (b) Use the unrounded model to predict the U.S. population (in millions) ages 20–64 in 2005. (Round your answer to one decimal place.) million (c) What year does the unrounded model predict this group's population will reach 200 million?arrow_forward
- Finding the Best Model. In Exercises 5–16, construct a scatterplot and identify the mathematical model that best fits the given data. Assume that the model is to be used only for the scope of the given data, and consider only linear, quadratic, logarithmic, exponential, and power models. CD Yields The table lists the value y (in dollars) of $1000 deposited in a certificate of deposit at Bank of New York (based on rates currently in effect).arrow_forward8. Answer the problems completely. Round off your answers up to four decimal places, with correct units and box or encircle them.arrow_forward6. Answer the problems completely. Round off your answers up to four decimal places, with correct units and box or encircle them.arrow_forward
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