Solve the Problem Using the Line of Best Fit for the Data Set

question 117

Short Answer

Solve the problem.
-The following data represents the amount of money Tom is saving each month since he graduated from college. $$\begin{array} { l | c c c c c c c } \text { month } & 1 & 2 & 3 & 4 & 5 & 6 & 7 \\\hline \text { savings } & \$ 52 & \$ 70 & \$ 81 & \$ 91 & \$ 102 & \$ 118 & \$ 132\end{array}$$ Using the line of best fit for the data set, predict the amount he will save in the 24th month after graduating
from college.

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Definitions:

Rivals

Competitors in a market vying for the same customers or resources.

Reactions

Responses or adjustments made by individuals, markets, or materials to external changes or stimuli.

Oligopoly

An economic condition where few companies have significant control over an industry or product, limiting competition and potentially influencing prices and production.

Herfindahl-Hirschman Index

An index used to assess the concentration of market power to determine the degree of competition in a sector.