Class Median Age Midpoint, x Income, / 15-24 years 19.5 $10,869 25-34 years 29.5 $34,113 35-44 years 39.5 $45,225 45-54 years 49.5 $46,466 55-64 years 59.5 $42,176 65 years and older 69.5 $27,612

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
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Chapter1: Starting With Matlab
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An individual’s income varies with his or her age. The following table shows the median income I of males of different age groups within the United States for 2012. For each age group, let the class midpoint represent the
independent variable, x. For the class “65 years and older,” we will assume that the class midpoint is 69.5.

(a) Use a graphing utility to draw a scatter diagram of the
data. Comment on the type of relation that may exist
between the two variables.
(b) Use a graphing utility to find the quadratic function of
best fit that models the relation between age and median
income.
(c) Use the function found in part (b) to determine the age at
which an individual can expect to earn the most income.
(d) Use the function found in part (b) to predict the peak
income earned.
(e) With a graphing utility, graph the quadratic function of
best fit on the scatter diagram.

Class
Median
Age
Midpoint, x
Income, /
15-24 years
19.5
$10,869
25-34 years
29.5
$34,113
35-44 years
39.5
$45,225
45-54 years
49.5
$46,466
55-64 years
59.5
$42,176
65 years and older
69.5
$27,612
Transcribed Image Text:Class Median Age Midpoint, x Income, / 15-24 years 19.5 $10,869 25-34 years 29.5 $34,113 35-44 years 39.5 $45,225 45-54 years 49.5 $46,466 55-64 years 59.5 $42,176 65 years and older 69.5 $27,612
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