The Table Shows the Number of Dollars Spent in Country

question 57

Multiple Choice

The table shows the number of dollars spent in Country X (in millions) on environmental protection programs during the years 2000(x=1) through 2010(x=11) . Find the cubic model that is the best fit for this data. Round coefficients to three decimal places.
$\begin{array} { c c } \hline \text { Year } & \text { Spending (millions of dollars) } \\\hline 2000 & 5.5 \\2001 & 5.8 \\2002 & 6.1 \\2003 & 6.9 \\2004 & 7.1 \\2005 & 7.0 \\2006 & 6.5 \\2007 & 7.3 \\2008 & 7.6 \\2009 & 7.8 \\2010 & 7.9\end{array}$

• A) \(f ( x ) = 0.007 x ^ { 3 } - 0.105 x ^ { 2 } + 0.805 x + 4.397\)
• B) \(f ( x ) = - 0.010 x ^ { 2 } + 0.446 x + 5.759\)
• C) \(f ( x ) = - 0.010 x ^ { 2 } + 0.346 x + 5.253\)
• D) \(f ( x ) = 0.005 x ^ { 3 } - 0.102 x ^ { 2 } + 0.805 x + 4.697\)

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Definitions:

Barriers to Entry

Economic, procedural, regulatory, or technological factors that obstruct or restrict the ability of new competitors to enter a market.

Economic Profits

The surplus achieved when revenue generated from business activities exceeds both explicit and implicit costs.

Long Run

A period of time in which all factors of production and costs are variable, and firms can adjust all inputs.

Competitive Price-searcher

A market condition where sellers actively set prices and seek to differentiate their products in an effort to attract consumers in a competitive environment.