Problem

Economics: Per Capita Personal Income In the short run, per capita personal income (PC...

Economics: Per Capita Personal Income In the short run, per capita personal income (PCPI) in the United States grows approximately linearly. In 2009 PCPI was 38.6, and in 2012 it had grown to 42.8 (both in thousands of dollars).

a. Use the two (year, PCPI) data points (1, 38.6) and (4, 42.8) to find the linear relationship y = mx+b between x = years since 2008 and y = PCPI.

b. Interpret the slope of the line. c. Use your linear relationship to predict PCPI in 2020.

Source: Bureau of Economic Analysis

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