SOLUTION: In the short run, per capita personal income (PCPI) in the United States grows approximately linearly. In 2009 PCPI was 38.6, and in 2012 it had grown to 42.8 (both in thousands of

Question 1125229: In the short run, per capita personal income (PCPI) in the United States grows approximately linearly. In 2009 PCPI was 38.6, and in 2012 it had grown to 42.8 (both in thousands of dollars).
a. Use the two (year,PCPI) data points (1,38.6) and (4, 42.8) to find the linear relationship y=mx+b between x= years since 2008 and y = PCPI.
b. Interpret the slope of the line.
c. Use your linear relationship to predict PCPI in 2020.

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
slope is chg y/chg x or 4.2/3 or 1.4
point slope formula y-y1=m(x-x1), m slope and (x1, y1) point
y-38.6=1.4(x-1)
y=1.4x-1.4+38.6
y=1.4x+37.2
the slope of 1.4 means the per capita icome grows $1400 a year.
2020 is 8 more years from 2012 and that makes x=12
y=16.8+37.2
=$54,000 or 54 in thousands
RELATED QUESTIONS
Assume that the per capita consumption of bottled water in the United States is... (answered by ikleyn)

In 2000, the population of the United States was estimated to be 282 million people and... (answered by Boreal,MathTherapy)

In 2009, the federal minimum wage in the United States increased from $6.55 per hour (in... (answered by josgarithmetic)

Assume that the per capita consumption of bottled water in the United States is... (answered by ikleyn)

There are approximately 3 million births in the United States each year. Find the birth... (answered by checkley77)

The average per capita spending on health care in the United States is $5274. If the... (answered by Boreal)

3.The Coca-Cola Company reported that the mean per capita annual sales of its beverages... (answered by stanbon)

the annual per capita consumption of ice cream (in pounds) in the United States can be... (answered by stanbon)

APPLES: the annual per capita consumption of fresh apples (in pounds) in the united... (answered by ikleyn)