Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. for this exercise, round all regression parameters

For this exercise, round all regression parameters to three decimal places. The following table shows...

80.2K

Verified Solution

Question

Accounting

For this exercise, round all regression parameters to three decimal places. The following table shows national health care costs, measured in billions of dollars.

Date 1970 1980 1990 2000 2010
Costs in billions 75 253 714 1353 2570

(a) Plot the data. (Let t be years since 1970 and H the costs in billions of dollars.) image

(b) Find an exponential function that approximates the data for health care costs. (Let t be years since 1970 and H the costs in billions of dollars.)

A) H = 72.438 1.143t

B) H = 3120.372 0.916t

C) H = 993.002 1.002t

D) H = 94.414 1.091t

E) H = 2560.371 0.872t

(c) By what percent per year were national health care costs increasing during the period from 1970 through 2010? (Use the model found in part (b). Round your answer to one decimal place.) ____% (d) Use functional notation to express how much money was spent on health care in the year 2013. (Let t be years since 1970.)

H(_____) Estimate that value. (Use the model found in part (b). Round your answer to the nearest integer.) _____ billion dollars

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students