Business The following table gives the average hourly yearnings (in dollars) of U.S. production workers from 1970 to 2005*:
Year | Average Hourly Wage (Dollars) |
1970 | 3.40 |
1975 | 4.73 |
1980 | 6.85 |
1985 | 8.74 |
1990 | 10.20 |
1995 | 11.65 |
2000 | 14.02 |
2005 | 16.13 |
Using the model from Exercise 1, find the average hourly wage for each year in the table, and subtract if from the actual value in the second column. This gives you a table of the residuals. Plot your residuals as points on a graph.
Exercise 1
Business The following table gives the average hourly yearnings (in dollars) of U.S. production workers from 1970 to 2005*:
Year | Average Hourly Wage (Dollars) |
1970 | 3.40 |
1975 | 4.73 |
1980 | 6.85 |
1985 | 8.74 |
1990 | 10.20 |
1995 | 11.65 |
2000 | 14.02 |
2005 | 16.13 |
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.
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