Consumer Price Index The following table gives the average price of a pound of spaghetti and macaroni in January of the given years. (Source: U.S. Bureau of Labor Statistics, Consumer Price Index.)
Year | Price |
2000 | $.88 |
2003 | $.93 |
2005 | $.95 |
2008 | $1.02 |
2011 | $1.21 |
(a) Use the method of least squares to obtain the straight line that best fits these data.
(b) Estimate the average price of a pound of spaghetti and macaroni in January 2009.
(c) If this trend continues, when will the average price of a pound of spaghetti and macaroni be $1.35?
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