Finance The accompanying table gives the median household income (in thousands of dollars) for women living without a spouse (this means that 50% of females earn more than the median and 50% earn less than that amount) for various years*:
Year | 1980 | 1990 | 1995 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 |
Income | 10.4 | 16.9 | 19.7 | 21.0 | 22.1 | 23.8 | 25.7 | 25.7 | 26.4 | 26.6 | 27.0 | 27.2 |
(a) Find a linear model for these data, with x = 0 corresponding to 1980.
(b) Interpret the meaning of the slope.
(c) Comparing your answer for (b) with your answer for part (b) in Exercise 1. are men or women gaining more in median income each year?
*U.S. Census Buteau.
Exercise 1
Finance The accompanying table gives the median household income (in thousands of dollars) for men living without a spouse (this means that 50% of males earn more than the median and 50% earn less than that amount) for various years†:
Year | 1980 | 1990 | 1995 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 |
Income | 17.5 | 29.0 | 30.4 | 33.0 | 35.7 | 37.3 | 37.7 | 36.6 | 37.7 | 38.0 | 40.3 | 41.1 |
(a) Find a linear model for these data, with x = 0 corresponding to 1980.
(b) Interpret the meaning of the slope.
(c) If the model remains accurate in the future, what will be the median household income for men living without a spouse in 2010?
†U.S. Census Bureau.
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