The accompanying table gives the personal consumption expenditure and the corresponding disposable income (in billions of dollars)

Question:

The accompanying table gives the personal consumption expenditure and the corresponding disposable income (in billions of dollars) for the United States in the period 2003–2008:

a. Plot these data on a graph, with disposable income on the x axis and consumption expenditure on the y axis.

b. Find the equation of the least-squares line for the data.

c. Use the least-squares line to predict the consumption that would correspond to $13 trillion ($13,000 billion) of disposable income.

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Related Book For answer-question

Calculus For Business, Economics And The Social And Life Sciences

ISBN: 9780073532387

11th Brief Edition

Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price

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Question Posted: Jun 24, 2023 08:28 AM

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The accompanying table gives the personal consumption expenditure and the corresponding disposable income (in billions of dollars)

Question:

Year Disposable income Personal consumption 2003 2004 9,759.5 10,436.9 7,804.0 8,285.1 2005 2006 2007 2008 11,158.9 11,929.7 12,321.6 12,493.8 8,819.0 9,322.7 9,806.3 10,104.5

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a b For this data n 6 and where x represents disposable in...View the full answer

Calculus For Business, Economics And The Social And Life Sciences

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