The following table shows the Median Income I* individual of different age groups within the f United States for2001. For each age group, let the class midpoint represent the independent variable, x. For the age group "65 years and older" we will assume that the class midpoint is 69.5. Find the class midpoint for each class age. Draw a scatter diagram of the data with input as class midpoint and output as median income. Is the relation between the two variables a function? If yes, what type of function is it and what is its domain? Use a graphing utility or Excel to find the function of best fit. Use this function to determine the age at which an individual can expect to earn the most income. Use the function to predict the peak income earned. Graph the quadratic function of best fit and compare it to the scatter diagram in 2.
Show transcribed image textThe following table shows the Median Income I* individual of different age groups within the f United States for2001. For each age group, let the class midpoint represent the independent variable, x. For the age group "65 years and older" we will assume that the class midpoint is 69.5. Find the class midpoint for each class age. Draw a scatter diagram of the data with input as class midpoint and output as median income. Is the relation between the two variables a function? If yes, what type of function is it and what is its domain? Use a graphing utility or Excel to find the function of best fit. Use this function to determine the age at which an individual can expect to earn the most income. Use the function to predict the peak income earned. Graph the quadratic function of best fit and compare it to the scatter diagram in 2.