Business The following table gives the average hourly earnings of U.S. production workers†:
Year | 2001 | 2002 | 2004 | 2005 | 2006 |
Earnings | 14.54 | 14.97 | 15.69 | 16.13 | 16.76 |
(a) Use the first and last data points to find a linear model for the data, with x = 1 corresponding to 2001.
(b) If you have access to the necessary technology, find the least-squares regression line for the data.
(c) Use the models from part (a) and/or (b) to estimate the hourly earnings in 2003. The actual average in 2003 was $15.37. How far off is the model?
(d) Use the model from part (a) and/or (b), and assume the trend continues, to estimate the hourly earnings in 2010.
†U.S. Bureau of Labor Statistics.
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