The minimum hourly wage in a particular country has grown over the years, as shown in the table. a) Find the regression line, y = mx + b. b) Use the regression line to predict the minimum hourly wage in 2021. c) By 2024 the minimum hourly wage will be $18.00. Is the estimate of this future value provided by the regression line accurate? a)y=x+ (Round to five decimal places as needed.) Number of Years, x, since 2014 2 5 Minimum Hourly Wage 9.00 10.00 10.50 12.00 13.50

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter4: Linear Functions
Section4.3: Fitting Linear Models To Data
Problem 24SE: Table 6 shows the year and the number ofpeople unemployed in a particular city for several years....
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The minimum hourly wage in a particular country has grown over the years, as shown in the table.
a) Find the regression line, y = mx + b.
b) Use the regression line to predict the minimum hourly wage in 2021.
c) By 2024 the minimum hourly wage will be $18.00. Is the estimate of this future value provided by the regression line accurate?
a) y = x +
(Round to five decimal places as needed.)
CHE
Number of Years,
x, since 2014
0
2
3
4
5
Minimum
Hourly Wage
9.00
10.00
10.50
12.00
13.50
Transcribed Image Text:The minimum hourly wage in a particular country has grown over the years, as shown in the table. a) Find the regression line, y = mx + b. b) Use the regression line to predict the minimum hourly wage in 2021. c) By 2024 the minimum hourly wage will be $18.00. Is the estimate of this future value provided by the regression line accurate? a) y = x + (Round to five decimal places as needed.) CHE Number of Years, x, since 2014 0 2 3 4 5 Minimum Hourly Wage 9.00 10.00 10.50 12.00 13.50
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