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Forecasting population growth with regression analysis.

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Apply linear regression to population growth forecasting.

1. Use it to predict the population of the U.S. in 2010 and 2020.
2. Discuss mathematical factors that might make those predictions inaccurate.
3. Discuss real-world factors that might make those predictions inaccurate.

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Solution Summary

The following outlines the process of using regression analysis to forecast population growth over time. A discussion of the factors that contribute to inaccuracies is provided as well.

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1. In the attached excel file we have data on U.S. households for several decades. We can fit a linear trend line to the data and run a regression analysis. See attached file. As we can see the regression line fits the data quite well with an R^2 close to 1.0. From the graph we can get a good idea of what the population forecast will be for 2010 and 2020. By plugging in these values to the actual regression equation we get the explicit ...

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