Problema Solution

1)The average hourly earnings of a U.S. production worker in 1997 were $12.92. In 2005, the average hourly earnings had increased to $16.84. Let y be the average hourly earnings in the year x, where x = 0 represents the year 1997.

a)Find a linear equation which could be used to predict the average hourly earnings y in a given year x, where x = 0 represents the year 1997. Explain or show work.

b)Use the equation from part (a) to estimate the average hourly earnings for the year 2010. Show some work.

c)Interpret the slope of the equation in part (a). What is the slope and what does it represent in the context of this application involving hourly earnings?

Thank you

Answer provided by our tutors

1)The average hourly earnings of a U.S. production worker in 1997 were $12.92. In 2005, the average hourly earnings had increased to $16.84. Let y be the average hourly earnings in the year x, where x = 0 represents the year 1997.

linear equation is y = (16.84-12.92)/(2005-1997)x

y=0.49x