Medicare Beneficiary Spending Out-of-pocket spending projections for a typical Medicare beneficiary as a share of his or her income are given in the table.
Let x = 0 represent 1990, so that x = 8 represents 1998. Use a graphing calculator to do the following.
(a) Plot the data.
(b) Find a quadratic function to model the data.
(c) Find a cubic function to model the data.
(d) Graph each function in the same viewing window as the data.
(e) Compare the two functions. Which is a better fit to the data?
(f) Would a linear model be appropriate for these data? Why or why not?
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