Question

Please help with this problem:1. The table shows the minimum wage rates for the United States during different years.Year1978197919801990199119961997200720082009Minimum hourly wage ($)2.652.903.353.804.254.755.155.856.557.25(a)Using technology (graphing calculator or Excel spreadsheet), write the least squares regression equation that models the data above. Let x = time in years since 1900 and let y = minimum hourly wage.(b)Paste an image of your Excel spreadsheet/graphing calculator screen or attach Excel file when submitting your test into the drop box. This will provide support for your equation.(c)Use the equation to estimate the minimum hourly wage of a U.S. worker in 2025. Show your work

Answer 1

We will have the following.

First, we will have that the graph generated from the data will be:

Then, we will have the following:

a) Using the least squares linear regression method we will have that the line of best fit will be given by:

`y=0.12694x-7.2283`

This can be seeing as follows:

c) Now, we will have that the approximation for the hourly wage in 2025 will be:

`\begin{gathered} f(125)=0.12694(125)-7.2283\Rightarrow f(125)=8.6392 \\ \\ \Rightarrow f(125)\approx8.64 \end{gathered}`

So, the approximate hourly wage in 2025 will be $8.64.