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This graph shows profits starting at 1985 at $10,000 and ending at 2005 at $4,000.  The x-axis ranges from 0 to 30 in intervals of 5 and the y –axis goes from 0 to 12,000 in intervals of 2,000.

Find the linear function y , where y depends on x , the number of years since 1980.

y = 3 00 x + 11 , 5 00

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Find and interpret the y -intercept.

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For the following exercise, consider this scenario: In 2004, a school population was 1,700. By 2012 the population had grown to 2,500.

Assume the population is changing linearly.

  1. How much did the population grow between the year 2004 and 2012?
  2. What is the average population growth per year?
  3. Find an equation for the population, P , of the school t years after 2004.

a) 800 b) 100 students per year c) P ( t ) = 1 00 t + 17 00

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For the following exercises, consider this scenario: In 2000, the moose population in a park was measured to be 6,500. By 2010, the population was measured to be 12,500. Assume the population continues to change linearly.

Find a formula for the moose population, P .

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What does your model predict the moose population to be in 2020?

18,500

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For the following exercises, consider this scenario: The median home values in subdivisions Pima Central and East Valley (adjusted for inflation) are shown in [link] . Assume that the house values are changing linearly.

Year Pima Central East Valley
1970 32,000 120,250
2010 85,000 150,000

In which subdivision have home values increased at a higher rate?

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If these trends were to continue, what would be the median home value in Pima Central in 2015?

$91,625

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Fitting Linear Models to Data

Draw a scatter plot for the data in [link] . Then determine whether the data appears to be linearly related.

0 2 4 6 8 10
–105 –50 1 55 105 160
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Draw a scatter plot for the data in [link] . If we wanted to know when the population would reach 15,000, would the answer involve interpolation or extrapolation?

Year Population
1990 5,600
1995 5,950
2000 6,300
2005 6,600
2010 6,900

Extrapolation


Scatter plot with the points (1990,5600); (1995,5950); (2000,6300); (2005,6600); and (2010,6900).

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Eight students were asked to estimate their score on a 10-point quiz. Their estimated and actual scores are given in [link] . Plot the points, then sketch a line that fits the data.

Predicted Actual
6 6
7 7
7 8
8 8
7 9
9 10
10 10
10 9
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Draw a best-fit line for the plotted data.

Scatter plot of the points: (2,78); (4,81); (6,85); (8,90); and (10,99).


Scatter plot of: (2,78); (4,81); (6,85); (8,90); and (10,99) and the line of best fit running through these points.  The line of best fit goes through most of the points.

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For the following exercises, consider the data in [link] , which shows the percent of unemployed in a city of people 25 years or older who are college graduates is given below, by year.

Year 2000 2002 2005 2007 2010
Percent Graduates 6.5 7.0 7.4 8.2 9.0

Determine whether the trend appears to be linear. If so, and assuming the trend continues, find a linear regression model to predict the percent of unemployed in a given year to three decimal places.

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In what year will the percentage exceed 12%?

2023

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Based on the set of data given in [link] , calculate the regression line using a calculator or other technology tool, and determine the correlation coefficient to three decimal places.

x 17 20 23 26 29
y 15 25 31 37 40
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Based on the set of data given in [link] , calculate the regression line using a calculator or other technology tool, and determine the correlation coefficient to three decimal places.

x 10 12 15 18 20
y 36 34 30 28 22

y = 1.294 x + 49.412 ;   r = 0.974

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For the following exercises, consider this scenario: The population of a city increased steadily over a ten-year span. The following ordered pairs show the population and the year over the ten-year span (population, year) for specific recorded years:

Questions & Answers

differentiate between demand and supply giving examples
Lambiv Reply
differentiated between demand and supply using examples
Lambiv
what is labour ?
Lambiv
how will I do?
Venny Reply
how is the graph works?I don't fully understand
Rezat Reply
information
Eliyee
devaluation
Eliyee
t
WARKISA
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Lambiv
multiple choice question
Aster Reply
appreciation
Eliyee
explain perfect market
Lindiwe Reply
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
Ezea
What is ceteris paribus?
Shukri Reply
other things being equal
AI-Robot
When MP₁ becomes negative, TP start to decline. Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Kelo
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Shukri
Can I ask you other question?
Shukri
what is monopoly mean?
Habtamu Reply
What is different between quantity demand and demand?
Shukri Reply
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
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Shukri
how do you save a country economic situation when it's falling apart
Lilia Reply
what is the difference between economic growth and development
Fiker Reply
Economic growth as an increase in the production and consumption of goods and services within an economy.but Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
Abdisa Reply
any question about economics?
Awais Reply
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
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Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50. A,Calculate quantities of x and y which maximize utility. B,Calculate value of Lagrange multiplier. C,Calculate quantities of X and Y consumed with a given price. D,alculate optimum level of output .
Feyisa Reply
Answer
Feyisa
c
Jabir
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
Gsbwnw Reply
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
Abdureman
types of unemployment
Yomi Reply
What is the difference between perfect competition and monopolistic competition?
Mohammed
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Source:  OpenStax, College algebra. OpenStax CNX. Feb 06, 2015 Download for free at https://legacy.cnx.org/content/col11759/1.3
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