Business: shopping on the internet. Online sales of all types of consumer products increased at an exponential rate in recent years. Data in the following table show online retail sales in the United States, in billions of dollars.
(Sources: Internetretailer.com; www.census.gov.)
Years, t, after 2010 | U.S. Online Retail Sales (in billions) |
0 | $167 |
1 | 194 |
2 | 231 |
3 | 262 |
4 | 291 |
a. Use regression to fit an exponential function
b. Estimate online sales in 2016 and in 2020.
c. After what amount of time will online sales be $1 trillion?
d. What is the doubling time for online sales?
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