Business The following table gives the average hourly yearnings (in dollars) of U.S. produ...

Business The following table gives the average hourly yearnings (in dollars) of U.S. production workers from 1970 to 2005*:

Use the model from Exercise 1 to interpolate a prediction of the hourly wage in 2002. The actual value was $14.97. How close was your prediction?

Exercise 1

Business The following table gives the average hourly yearnings (in dollars) of U.S. production workers from 1970 to 2005*:

If you have appropriate technology, verify that the least- squares regression line that models these data (with coefficients rounded) is y = .361x − 22.08, where y is the average hourly wage in year x and x = 0 corresponds to 1900.

*U.S. Bureau of Labor Statistics.