The Table Below Shows the Age and Annual Income of 12

question 11

Multiple Choice

The table below shows the age and annual income of 12 randomly selected college graduates all living in the same city. Age Annual Income (dollars)
26 28,520
31 36,750
55 72,155
47 43,225
38 34,197
50 60,030
29 31,625
33 55,975
40 37,064
52 75,082
25 19,055
The scatter plot and regression equation are shown below: The regression analysis of this data yields the following values: $$\begin{array} { | l | l | } \hline \text { Variable } & \text { Coefficient } \\\hline \text { Constant } & - 8447.05 \\\hline \text { Age } & 1380.95 \\\hline\end{array}$$ R2 = 0.7182
Use this model to predict the annual income of a 56 year old college graduate living in this city.

• A)$77,333
• B)$61,367
• C)$85,780
• D)$70,230
• E)$68,886

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Definitions:

Shipment Seized

The act of authorities taking control over goods in transit due to non-compliance with laws or regulations.

Equilibrium Price

The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied by producers, resulting in market balance.

Fine

Fine refers to a monetary penalty imposed as punishment for an offense or violation, often used by governments or regulatory bodies to enforce laws and regulations.

Industry Demand

The total demand for products or services within a particular industry or sector.