Math Problem Statement
Use the model Y = 1.19X + 13.68 to estimate the profit in 1970.
Solution
The image shows a table representing the values of (years after 1965) and (profit in millions), along with a linear model . The task is to estimate the profit in the year 1970 using this model.
To find the profit in 1970:
- First, calculate for 1970:
- Substitute into the equation :
Thus, the estimated profit in 1970 is 19.63 million.
Would you like more details or have any questions about this process?
Here are 5 questions that expand on this:
- How is the slope in the linear equation interpreted in this context?
- What would the estimated profit be for 1975 using the same model?
- What does the y-intercept represent in this scenario?
- How can you determine whether the linear model is a good fit for the data?
- What impact would a change in slope have on future profit estimates?
Tip: A linear model assumes that the relationship between variables remains constant over time, so be cautious when extrapolating far beyond the data range.
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Linear equations
Modeling with data
Algebra
Formulas
Y = 1.19X + 13.68
Theorems
-
Suitable Grade Level
Grades 9-11