Year 1978 1979 1980 1990 1991 1996 1997 2007 2008 2009 Minimum hourly wage ($) 2.65 2.90 3.35 3.80 4.25 4.75 5.15 5.85 6.55 7.25

Question

3 years ago

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Year 1978 1979 1980 1990 1991 1996 1997 2007 2008 2009 Minimum hourly wage ($) 2.65 2.90 3.35 3.80 4.25 4.75 5.15 5.85 6.55 7.25

Write the least squares regression equation that models the data. Let x = time in years since 1900 and let y = minimum hourly wage. (Round your values to the nearest hundredth.) Use the equation to estimate the minimum hourly wage of a Colorado State worker in 2025. Show your work.

Mathematics

1 answer:

Juliette [100K] · Answer 1 · 2022-07-13T23:00:11+03:00

From the excel plotting, we see that the least square regression equation is given by:
m=(7.25-2.65)/(2009-1978)
m=0.15
thus the equation will be:
0.15(x-0)=y-2.65
y=0.15x-2.65

b] Using the equation we can approximate the hourly wage in 2025 as follows:
x=(2025-1978)=47
y=0.15(47)-2.65
y=7.05-2.65
y=4.4
The plot is as shown in the figure: