Concept explainers
To calculate: To find which is the best prediction for the amount of money in circulation per person in
Answer to Problem 14STP
Thebest prediction of amount of money in circulation per person in
Explanation of Solution
Given information:
Formula Used:
Equation of line passing through two points is given as
Calculation:
Scatter plot is given as follows:
Points on the line from graph are as follows:
Equation of line passing through the above points is calculated as follows:
Now, amount of money in the year
Conclusion:
Hence, the best prediction of amount of money in circulation per person in
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