Table 7.8 shows average major league baseball salaries for the years 1970-2005.
(a) Find the least squares approximating quadratic for these data.
(b) Find the least squares approximating exponential for these data.
(c) Which equation gives the better approximation? Why?
(d) What do you estimate the average major league baseball salary will be in 2010 and 20 15?
Table 7.8
Year Average Salary (thousands of dollars)
1970..............................................29.3
1975.............................................44.7
1980............................................143.8
1985...........................................371 .6
1990............................................597.5
1995..........................................1110.8
2000..........................................1895.6
2005..........................................2476.6