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Annual Estimates of the Population in the Age Group 65

question 17

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Annual estimates of the population in the age group 65 + in Alameda County, California from 1999 (t = 1) onward are used to estimate the following quadratic trend model: Yt = 148187 - 554*t + 135.5*t**2.Using this model, the estimate for 2008 is ________________________ .


Definitions:

Fixed Cost

Costs that do not change with the level of output or production, such as rent, salaries, and insurance, which are incurred regardless of business activity levels.

Total Cost

The complete amount of expenses incurred by a business in producing goods or services, including both fixed and variable costs.

Quantity Change

An alteration in the amount of goods or services supplied or demanded in a market.

Average Fixed

The fixed costs of production divided by the quantity of output produced, illustrating how those costs are spread over output.

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