Business The following table gives the total compensation (in dollars) per full-time employee for various years. (Data from: U.S. Bureau of Economic Analysis.)
Year | 2000 | 2005 | 2010 | 2011 |
Compensation | 47,059 | 56,620 | 66,249 | 68,129 |
(a) Use the data from the years 2000 and 2010 to find a linear model for the data, with x = 0 corresponding to the year 2000.
(b) Find the least-squares regression line for the data.
(c) Use the models from part (a) and (b) to estimate the compensation for the year 2011. Compare the estimates to the actual compensation of $68,129 for the year 2011.
(d) Assume the trend continues and use the model for (b) to estimate the compensation per full-time employee in the year 2015
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