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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:
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: