Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

50,213 had 0 children, 14,007 had one children, 12,692 has two children, 6,674 had three or more children per household. E[x] = .711 is expected

50,213 had 0 children, 14,007 had one children, 12,692 has two children, 6,674 had three or more children per household. E[x] = .711 is expected value, S[x] = .994 is standard deviation.Find the expected cost per year of raising children( y=14800e^x)

image text in transcribed
E[x] = 0.711 S[x] = 0.994 c) Economists predict an exponentially increasing cost of raising a child as a function of the number of children, with base cost of $14800 per year. Find the expected cost per year of raising children, (i.e. y = 14800ex)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Real Analysis Foundations And Functions Of One Variable

Authors: Miklos Laczkovich, Vera T Sós

1st Edition

1493927663, 9781493927661

More Books

Students also viewed these Mathematics questions

Question

explain five important changes in the world of work;

Answered: 1 week ago

Question

4. How does eff ective listening diff er across listening goals?

Answered: 1 week ago