Question

U.S. Civilian Labor Force, 2007-2016
Year	Labor Force
2007	153,918
2008	154,655
2009	153,111
2010	153,650
2011	153,995
2012	155,628
2013	155,151
2014	156,238
2015	157,957
2016	159,640

(d) Make forecasts using the following fitted trend models for years 2017-2019. (Round your answers to the nearest whole number.)

t	Linear	Quadratic	Exponential
11	158608	161301
12	159192	163354
13	159776	165653

Answer 1

The exponentia trend model equation along with the scatter plot is as follows

The linear trend equation is

y = 152218 * e^{0.0037 * x}

where e is constant = 2.71828

Where y is the Labour force for the year "'x" where x = 1 represents year 2007 and son on

For year 2017, x = 11

y = 152218 * 2.71828^{0.0037 * 11}

= 152218 * 1.04154

= 158541.1

= 158541 rounded to nearest whole number

For year 2018, x = 12

y = 152218 * 2.71828^{0.0037 * 12}

= 152218 * 1.0454

= 159128.8

= 159129 rounded to nearest whole number

For year 2019, x = 13

y = 152218 * 2.71828^{0.0037 * 13}

= 152218 * 1.049276

= 159718.6

= 159719 rounded to nearest whole number

= 159129 rounded to nearest whole number