Thread: Sample data is closer to a simple linear model or an exponential model?

A guy wants to know if this data sample is closer to a simple linear model or to an exponential model.
The table below represents 4 machines. We want to know the cost in function of the age of the machine. So X:age and Y:maintenance cost

Age 1 | 1.7 | 2 | 2.25
cost 0.5| 0.6 | 1.2 | 2

Either linear
Y = B_0 + B_1X
or Exponential
Y = ae^{bx}

Any tips to get me started?

Originally Posted by Lok

A guy wants to know if this data sample is closer to a simple linear model or to an exponential model.
The table below represents 4 machines. We want to know the cost in function of the age of the machine. So X:age and Y:maintenance cost

Age 1 | 1.7 | 2 | 2.25
cost 0.5| 0.6 | 1.2 | 2

Either linear
Y = B_0 + B_1X
or Exponential
Y = ae^{bx}

Any tips to get me started?

Fit the data to each model and look at r^2.

How do I fit the data to the models?

Originally Posted by Lok

How do I fit the data to the models?

Use technology. eg. TI-89 calculator, suitable software. It can even be done by hand (but very tedious).