Math Problem Statement
Solution
The image presents a problem where a cubic regression model is sought for a company's annual profits, measured in millions of dollars, over several years. The table provides profits from 2006 to 2010, with profits and years listed as follows:
-
Years (relabelled as starting from 0 for 2006):
-
Profits (in millions of dollars):
The goal is to find the cubic regression model and determine the coefficient of the term in the model. The available options are:
- A)
- B)
- C)
- D)
- E) None of the above
I will now fit a cubic regression model to this data and calculate the coefficient for the term. Let's proceed.The coefficient of the term in the cubic regression model is approximately . Since none of the provided options match this value, the correct answer is:
E) None of the above.
Would you like more details or have any questions? Here are five related questions you might want to explore:
- How is a cubic regression model calculated from data points?
- Can we use other types of regression (e.g., linear, quadratic) for this data set?
- How do you interpret the coefficients of a cubic regression model in real-world scenarios?
- What is the role of higher-order terms (like , ) in a polynomial model?
- How would the predictions change if we extended the model to predict future profits?
Tip: Always ensure your model fits the trend in the data before trusting its predictions—using a polynomial of too high a degree can lead to overfitting.
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Math Problem Analysis
Mathematical Concepts
Cubic Regression
Polynomial Regression
Data Analysis
Formulas
Cubic regression model formula: P(x) = ax^3 + bx^2 + cx + d
Theorems
Least Squares Method for Polynomial Fitting
Suitable Grade Level
Grades 10-12
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