In Exercises , do the following:
(a) Draw the scatter plot.
(b) Find the equation of the line of best fit.
(c) Interpret the meaning of the slope and the y-intercept of the model.
(d) Explain why you do or do not believe that the model would be a useful tool for businesses and/or consumers.
Per Capita Personal Income
Per Capita Personal Income—Utah | |
Years Since 1993 (/) | Personal Income (P)(dollars) |
0 | 16,830 |
1 | 17,638 |
2 | 18,508 |
3 | 19,514 |
4 | 20,613 |
5 | 21,594 |
6 | 22,305 |
7 | 23,436 |
Source: Bureau of Economic Analysis (www.bea.gov).
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