Solve the Problem. -In the Table Below, the Amount of the U.S. Minimum

question 159

Essay

Solve the problem.
-In the table below, the amount of the U.S. minimum wage is listed for selected years. Find an exponential regression model of the form he form y , where y, where y represents the U.S. minimum wage x years
after 1960. Round a and b to four decimal places. According to this model, what will the minimum wage be in
2005? In 2010?

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Definitions:

Equilibrium GDP

The level of Gross Domestic Product at which aggregate supply equals aggregate demand, indicating a stable economy.

Full Employment GDP

Full Employment GDP is the output level produced by an economy when all its labor and resources are employed at their maximum efficiency.

Multiplier

refers to a factor by which an initial change in spending will ultimately change the total economic output more than the initial amount.

Multiplier

In economics, a factor by which an initial change in spending will alter total economic output due to follow-on effects.