Suppose the following equation describes the relationship between life expectancy (measured in years) and annual real...
Suppose the following equation describes the relationship between life expectancy (measured in years) and annual real income per capita (measured in 1000s of US $) for a sample of countries in 2015. Life expectancy =68.01 + 0.27 income
a.)Sketch the line described by this equation. Does the intercept have an economically meaningful (i.e., practical) interpretation? Briefly explain.
b.)What is the average life expectancy in a country where the annual average real income per capita is $20,000?
c.)What is the difference in life expectancy between a country where income per capita is $10,000 and a country where income per capita is 50,000?
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