SOLUTION: the table below shows the average yearly income, in dollars of individuals based on years of schooling Years of schooling, x

SOLUTION: the table below shows the average yearly income, in dollars of individuals based on years of schooling Years of schooling, x - average income, I 8 -

Question 69856: the table below shows the average yearly income, in dollars of individuals based on years of schooling
Years of schooling, x - average income, I
8 - $16000
10 - $19000
12 - $25000
14 - $28000
Model the data with a linear function using 10 years and 14 years and estimate the average yearly income for an individual with 16 years of schooling using this function. I would like to know, how do I set this problem up.
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
the table below shows the average yearly income, in dollars of individuals based on years of schooling
Years of schooling, x - average income, I
8 - $16000
10 - $19000
12 - $25000
14 - $28000
Model the data with a linear function using 10 years and 14 years and estimate the average yearly income for an individual with 16 years of schooling using this function. I would like to know, how do I set this problem up.
:
Look on the above pairs of numbers as x,y coordinates of a linear equation:
Although the coordinates don't look exactly linear.
:
Choose two pair, say the first and the last, and find the slope
x1 = 8, y1 = 16000; x2 = 14, y2 = 28000
:
Remember the slope equation: m = (y2-y1)/(x2-x1
The slope (m) of this problem:
m = = = +2000 is the slope
:
Use the point/slope formula to find the equation: y - y1 = m(x - x1)
y - 16000 = 2000(x - 8)
:
y - 16000 = 2000x - 16000
y = 2000x - 16000 + 16000
y = 2000x
:
It would look something like this:

:
To find out how much you make with 16 yrs of school, substitute 16 for x in the equation
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