Concept explainers
Life Cycle Hypothesis An individual’s income varies with his or her age. The following table shows the median income I of males of different age groups within the United States for 2012. For each age group, let the class midpoint represent the independent variable, . For the class “65 years and older,” we will assume that the class midpoint is .
(a) Use a graphing utility to draw a
(b) Use a graphing utility to find the quadratic function of best fit that models the relation between age and median income.
(c) Use the function found in part (b) to determine the age at which an individual can expect to earn the most income.
(d) Use the function found in part (b) to predict the peak income earned.
(e) With a graphing utility, graph the quadratic function of best fit on the scatter diagram.
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