In the problem involving days, a 365−day year is assumed.
Consumer Price Index. The U.S. Consumer Price Index (CPI) in recent years is given in the table. A scatter plot of the data and linear regression line are shown in the figure, where x presents years sinice 2000.
Consumer Price index (1982–1984 = 100)
Year | CPI |
2000 | 172.2 |
2002 | 179.9 |
2004 | 188.9 |
2006 | 198.3 |
2008 | 211.1 |
2010 | 218.1 |
Source: U.S. Bureau of Labor Statistics
(A) Interpret the slope of the model.
(B) Predict the CPI in 2024.
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