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[Solution Library] According to the US Census Bureau, the 2001 mean income by age is given in the table below. (www.census.gov, December 15, 2002,) Age Mean Salary

Question: According to the US Census Bureau, the 2001 mean income by age is given in the table below. (www.census.gov, December 15, 2002,)

Age Mean Salary ($)
15 to 24 21,120
25 to 34 34,521
35 to 44 42,404
45 to 54 46,657
55 to 64 46,751
65 to 74 48,687
75+ 43,360
  1. Using a midrange age value for each interval (Hint: They end in zero!), enter the data into the calculator and display the scatter diagram. (No work to show for this step.)
  2. Find a linear regression equation to fit the data. Write the equation you determined. Add the line to the scatter diagram and view the fit of the data to the regression line.
  3. Find a power regression function to fit the data. Write the equation you determined. Graph the function on the scatter diagram to view the fit of the data to the power regression equation.
  4. Find a quadratic regression function to fit the data. Write the equation you determined. Graph the function on the scatter diagram to view the fit of the data to the quadratic regression equation.
  5. Which of the three regression functions fits the data best? Explain your choice.
  6. Interpolation estimates incomes for ages within the range of the data. Predict the income of a 37-year old. Explain how you calculated the estimate. Is it reasonable? Explain.
  7. Extrapolation estimates incomes outside the range of data. Use your function to predict the income of a 10-year old. Show your work. Is it reasonable? Explain.
  8. At what age could expect to have an average salary of $45,000? Explain your method of calculation

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