The following table contains data on the relationship between saving and income. Rearrange these data into a
Question:
The following table contains data on the relationship between saving and income. Rearrange these data into a meaningful order and graph them on the accompanying grid. What is the slope of the line? The vertical intercept? Interpret the meaning of both the slope and the intercept. Write the equation that represents this line. What would you predict saving to be at the $12,500 level of income?
Income per Year Saving per Year
$15,000 ……………………. $1,000
0 ……………………. −500
10,000 ……………………. 500
5,000 ……………………. 0
20,000 ……………………. 1,500
Transcribed Image Text:
$1500 1000 500 2 $5 10 15 20 Income (thousands) -500
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Income column 0 5000 10000 15000 20000 Saving column 500 0 500 1000 1500 Slope 0...View the full answer
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Related Book For
Economics
ISBN: 978-0073375694
18th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
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