SOLUTION: the following table lists how poerty level income cutoffs (in dollars) for a family of four have changed over time year/income 1970/3968 1975/5500 1980/8414 1985/10989 1990

Question 83419: the following table lists how poerty level income cutoffs (in dollars) for a family of four have changed over time
year/income
1970/3968
1975/5500
1980/8414
1985/10989
1990/13359
1995/15569
2000/17603
Let x be the year, with x = 0 corresponding to 1970, and y be the income in thousands of dollars. (note: symbol weird E x = 105, Weird Ex^2 = 2275, weird Ey=75.402, Weird Ey^2 = 968.270792, wierd Exy = 1460.97)
A) PLOT THE DATA. DO THE DATA APPEAR TO LIE ALONG A SRAIGHT LINE?
B) CALCULATE TH ECOEFFICIENT OF CORRELATION. dOES YOUR RESULT AGREE WITH YOUR ANSWER IN PART a?
C)fIND THE EQUATION OF THE LEAST SQUARE LINE.
d) uSE YOUR ANSWER FROM PART c TO PREDICT THE POVERTY LEVEL IN THE YEAR 2015.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
the following table lists how poerty level income cutoffs (in dollars) for a family of four have changed over time
year/income
1970/3968
1975/5500
1980/8414
1985/10989
1990/13359
1995/15569
2000/17603
------------
Enter Data into a TI-83 or better:
Run the "Linear Regression" function on the data:

Let x be the year, with x = 0 corresponding to 1970, and y be the income in thousands of dollars. (note: symbol weird E x = 105, Weird Ex^2 = 2275, weird Ey=75.402, Weird Ey^2 = 968.270792, wierd Exy = 1460.97)
A) PLOT THE DATA. DO THE DATA APPEAR TO LIE ALONG A SRAIGHT LINE?
Yes
-----------
AGREE WITH YOUR ANSWER IN PART a?
r = 0.96 ; yes
------------------
C)fIND THE EQUATION OF THE LEAST SQUARE LINE.
y = 519.99x +5051.797
--------------------
d) uSE YOUR ANSWER FROM PART c TO PREDICT THE POVERTY LEVEL IN THE YEAR 2015.
f(35) = 23252
========================
Cheers,
Stan H.

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