Let PP represent the profit (or loss), in thousands of dollars,
for a certain company tt years after 1960. Based on the data shown
below, the best-fit line is given to be
P=−2.42t+37.93P=-2.42t+37.93
| tt | PP |
|---|---|
| 1 | 35.24 |
| 2 | 32.87 |
| 3 | 33.1 |
| 4 | 27.23 |
| 5 | 25.26 |
| 6 | 23.39 |
| 7 | 22.32 |
| 8 | 17.55 |
| 9 | 15.08 |
| 10 | 11.81 |
| 11 | 12.54 |
| 12 | 9.07 |
| 13 | 7.5 |
Use the given best-fit line to estimate the profit in 1968.
The esitmated profit (or loss) in 1980 is predicted to be $
(thousands of dollars).
For 1968, x = 1968 - 1960 = 8
So,
Predicted profit = -2.42*8 + 37.93 = 18.57
For 1980, x = 1980 - 1960 = 20
So,
Predicted profit/ loss = -2.42*20 + 37.93 = -10.47
Let PP represent the profit (or loss), in thousands of dollars, for a certain company tt...
Let ŷ represent the profit (in thousands of dollars) for a certain company xx years after 1965. A statistician calculates a linear model ŷ = 0.74xx + 4 Use the model to estimate the profit in 1975. Your answer should be in dollars, not thousands of dollars. Profit =$