Concept explainers
National Health Expenditures Health spending is projected to grow at an average rate of 5.8% from 2012 through 2022, 1.0 percentage point faster than the expected average annual growth in the gross domestic product (GDP). The table gives the national health care expenditures, in billions of dollars, from 2006 and projected to 2022.
Year | Expenditures ($ billions) | Year | Expenditures ($ billions) |
2006 | 2,163 | 2015 | 3,273 |
2007 | 2,298 | 2016 | 3,458 |
2008 | 2,407 | 2017 | 3,660 |
2009 | 2,501 | 2018 | 3,889 |
2010 | 2,600 | 2019 | 4,142 |
2011 | 2,701 | 2020 | 4,416 |
2012 | 2,807 | 2021 | 4,702 |
2013 | 2,915 | 2022 | 5,009 |
2014 | 3,093 |
(Source: Centers for Medicare & Medicaid Services)
a. Create a
b. Choose an appropriate function to model the data, and write the equation of that model.
c. Graph your model and the scatter plot on the same axes.
d. Use the rounded model to find the average rate of change of health care expenditures from 2006 to 2012; from 2012 to 2022. Round to one decimal place.
e. Use the rounded model to find the percent increase in health care expenditures from 2012 to 2013; from 2021 to 2022. Round to one decimal place. Is the statement that health spending is projected to grow at an average rate of 5.8 percent from 2012 through 2022 reasonable?
Want to see the full answer?
Check out a sample textbook solutionChapter 3 Solutions
College Algebra in Context with Applications for the Managerial, Life, and Social Sciences (5th Edition)
- Year Annual CPI 2010 218.056 2000 172.200 1990 130.700 1980 82.400 Jennifer Marlowe was making $43,276 in 1980. Use the CPI table to determine what her salary would be in 2010, if it kept up with inflation since 1980. Round answer to the nearest dollar, do not include $ in your answer.arrow_forwardCalculate the average inventory (in $) and inventory turnover ratio for the given company. (Round the inventory turnover ratio to one decimal place.) Company BeginningInventory EndingInventory AverageInventory Cost ofGoods Sold InventoryTurnover a hardware store $315,220 $300,070 $ $4,956,470arrow_forwardThe annual revenue of Amazon is given in the table below (sourceLinks to an external site.). Year Amazon Annual Revenue(Billions of US dollars) 2020 386.064 2019 280.522 2018 232.887 2017 177.866 2016 135.987 2015 107.006 2014 88.988 2013 74.452 2012 61.093 2011 48.077 2010 34.204 In what year will the estimated revenue of Amazon be 1,357 billion US dollars? Note: I am asking for the year, not the number of years since 2010. This may happen between two years. Round to the nearest year.arrow_forward
- Mathematics For Machine TechnologyAdvanced MathISBN:9781337798310Author:Peterson, John.Publisher:Cengage Learning,Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
- College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage LearningBig Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin HarcourtCollege AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning