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Let ŷ represent the profit (in thousands of dollars) for a certain company x years after 1970. A statistician calculates a linear model ŷ = 0.66 x + 12 Use the model to estimate the profit in 1978. Your answer should be in dollars, not thousands of dollars.

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pedrocarratore

Answer:

$17,280

Step-by-step explanation:

The model for profit (y), in thousands of dollars, as a function of time (x), in years after 1970 is:

[tex]y=0.66x +12[/tex]

The corresponding value of x in 1978 is:

[tex]x= 1978-1970\\x=8[/tex]

Estimating the profit (in thousands of dollars) in 1978:

[tex]y(8)=0.66*8 +12\\y(8) = 17.28[/tex]

Converting it to dollars:

[tex]P = \$1,000*y(8)= \$1,000*17.28\\P= \$17,280[/tex]

The estimated profit in 1978 is $17,280.

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