GDP. Gross domestic product (GDP) is the total monetary or market value of all the finished goods

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GDP. Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders for a specific time period.

The following data shows the GDP of Malaysia for the last 10 years from 2010 to 2019 (1 = 2010, 2 = 2011, etc.). It was worth 364.70 billion USD in 2019, according to official data from the World Bank. Would re-expressing either variable make a better model? (Note: The use of the data is to establish a linear relationship between GDP and Year.)

Year 1 2 3 4 5 6 7 8 9 10 GDP 255.02 297.95 314.44 323.28 338.06 301.35 301.26 318.96 358.58 364.7

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Business Statistics

ISBN: 9781292269313

4th Global Edition

Authors: Norean Sharpe, Richard De Veaux, Paul Velleman

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