Final answer:
To predict the number of people living on farms in 2050, substitute 2050 into the regression equation provided. The resulting prediction is negative, suggesting the model may not be accurate for this future year, and a different forecasting approach may be required.
Step-by-step explanation:
To predict the number of people living on farms in 2050 using the given regression equation, Predicted Farm Population = 1167 - .59 (YEAR), we need to substitute the year 2050 for the YEAR variable in the equation. This calculation is a straightforward application of the linear regression model provided, which is commonly used in statistical analyses to forecast future values based on historical data.
By inserting 2050 into the equation, we get:
Predicted Farm Population = 1167 - .59 × 2050
Now we simply perform the arithmetic:
Predicted Farm Population = 1167 - 1209.5
Therefore, the predicted number of people living on farms in the year 2050 is a negative number, which indicates that the model may no longer be accurate for predictions far into the future. In such cases, we would likely need to reassess the model or use another method for more accurate forecasting.