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Suppose Your Grandfather Earned a Salary of $12,000 in 1964

question 77

Multiple Choice

Suppose your grandfather earned a salary of $12,000 in 1964.If the CPI is 31 in 1964 and 219 in 2017, then the value of your grandfather's salary in 2017 dollars is approximately


Definitions:

Y-Intercept

The point at which a line crosses the y-axis on a graph, representing the value of y when x equals zero.

Regression Analysis

A statistical approach used to analyze the connection between a dependent variable and one or more independent variables.

Standard Deviation

Indicates how much the individual data points in a data set generally deviate from the mean of the data.

Mean

The mean of a collection of numbers, found by summing all the numbers and then dividing by the total number of values.

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