Solution:
a) Using the given data, we can find the required best fit line using the Excel data analysis tool. Following is the required snapshot of the regression results:
From the above image, we can see that intercept term is = 0.427482, and the slope coefficient is 0.039834. So, the best fit linear function becomes:
P(t) = 0.4275 + 0.0398*t
b) Using the above equation, we can find the derivative of equation, P'(t) as:
P'(t) = dP(t)/dt
P'(t) = 0.0398
The physical meaning of this derivative becomes that: As t increases, the population increases (due to positive sign of P'(t)) by 0.0398 millions (for 10 years increase in t).
c) For second derivative: note that the above equation P'(t) is independent of t. So, the double derivative will be 0.
This means that rate at which the population changes/increases/grows is constant.
(Drill downs options presented would be better for accuracy of answers)
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