The Table Below Shows the Population of a City (In $2010 - 2015$

question 26

Essay

The table below shows the population of a city (in millions)in each year during the The table below shows the population of a city (in millions) in each year during the period $2010 - 2015$ . Using the number of years since 2010 as the independent variable, find the regression equation of the best model. Assume that the model is to be used only for the scope of the given data, and consider only linear, quadratic, logarithmic, exponential, and power models. Include the type of model and the equation for the model you find.
$\begin{array}{|l|c|c|l|l|l|l|}\hline \text { Year } & 2010 & 2011 & 2012 & 2013 & 2014 & 2015 \\\hline \text { Population(millions) } & 1.08 & 1.37 & 1.68 & 2.19 & 2.73 & 3.34 \\\hline\end{array}$

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Definitions:

Explicit Costs

Direct, out-of-pocket payments for inputs or resources used in the production of goods or services, such as wages for labor, rent for offices, or materials for production.

Implicit Costs

Implicit costs are the opportunity costs of using resources that a company already owns, representing the potential income lost by not utilizing them elsewhere.

Diseconomies of Scale

A phenomenon where an increase in production leads to higher average costs per unit due to inefficiencies, often occurring when companies become too large.

Average Total Cost

The total cost per unit of output, calculated by dividing the total cost of production by the number of units produced.