Modeling Personal Income Total personal income in the United States (in billions of dollars) for selected years from 1960 to 2009 is given in the following table.
Year | Personal Income (billions of $) | Year | Personal Income (billions of $) |
1960 | 411.3 | 2003 | 9378.1 |
1970 | 838.6 | 2004 | 9937.2 |
1980 | 2301.5 | 2005 | 10,485.9 |
1990 | 4846.7 | 2006 | 11,268.1 |
1995 | 6200.9 | 2007 | 11,912.3 |
2000 | 8559.7 | 2008 | 12,391.1 |
2001 | 8883.3 | 2009 | 12,174.9 |
2002 | 9060.1 |
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a. These data can be modeled by a power function. Write the equation of this function, with x as the number of years after 1950.
b. What does this model predict for total U.S. personal income in 2012?
c. Find the quadratic function that is the best fit for the data, with x as the number of years after 1950.
d. Which model is the better fit for the data?
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