The expenditure on education in the U.S. is given in the

Chapter , Problem 16

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The expenditure on education in the U.S. is given in the following table. (Amounts are expressed in millions of 2001 constant dollars.) Year Expenditure Year Expenditure Year Expenditure 1900 5,669 1940 39,559 1980 380,165 1910 10,081 1950 67,048 1990 535,417 1920 12,110 1960 114,700 2000 714,064 1930 30,700 1970 322,935 (a) Let s(t) = s0ekt be an exponential function. Show that the graph of ln s(t) as a function of t is a line. What is its slope and vertical intercept? (b) Is spending on education in the U.S. rising exponentially fast? If so, what isthe growth-rate coefficient? [Hint: Use your solution to part (a).]

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