Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data is the Gross Domestic Product (GDP in trillion $) of the United States from 1950-2019 Year GDP Year GDP Year GDP Year

The following data is the Gross Domestic Product (GDP in trillion $) of the United States from 1950-2019 Year GDP Year GDP Year GDP Year GDP Year GDP 1950 2.29 1964 3.916 1978 6.569 1992 9.685 2006 15.338 1951 2.474 1965 4.171 1979 6.777 1993 9.952 2007 15.626 1952 2.575 1966 4.446 1980 6.759 1994 10.352 2008 15.605 1953 2.696 1967 4.568 1981 6.931 1995 10.63 2009 15.209 1954 2.68 1968 4.792 1982 6.806 1996 11.031 2010 15.599 1955 2.871 1969 4.942 1983 7.118 1997 11.522 2011 15.841 1956 2.932 1970 4.951 1984 7.633 1998 12.038 2012 16.197 1957 2.994 1971 5.114 1985 7.951 1999 12.611 2013 16.495 1958 2.972 1972 5.383 1986 8.226 2000 13.131 2014 16.912 1959 3.178 1973 5.687 1987 8.511 2001 13.262 2015 17.432 1960 3.26 1974 5.657 1988 8.867 2002 13.493 2016 17.731 1961 3.344 1975 5.645 1989 9.192 2003 13.879 2017 18.144 1962 3.548 1976 5.949 1990 9.366 2004 14.406 2018 18.688 1963 3.703 1977 6.224 1991 9.355 2005 14.913 2019 19.092 Source: https://www.thebalance.com/us-gdp-by-year-3305543 1. Create an x-y scatter plot with a title and label axes with appropriate numbering. Adjust the min and max of axes such that there is no empty space. 2. Find the best-fit curve with an equation (y=mx + b) 3. Using the equation from best-fit curve, estimate the GDP in year 1930 and 2030. Copy and paste your plot in Word. Show your calculation for question 3.

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_2

Step: 3

blur-text-image_3

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

Principles Of Macroeconomics

Authors: Frank, Bernanke, Antonovics, Heffetz

3rd Edition

1259117162, 9781259117169

More Books

Students also viewed these Finance questions