The Gompertz Equation; Learning Curves The concept of learning curves has broad application in business, medicine, and many other fields. For example, the Gompertz equation is a mathematical model...

The Gompertz Equation; Learning Curves The concept of learning curves has broad application in business, medicine, and many other fields. For example, the Gompertz equation is a mathematical model used to predict the number of deaths at a certain age. The Gompertz equation is very similar in form to that of the learning curve, except that
e
, the base of the natural logarithm, is used and there is a positive rather than a negative exponent in the equation. The Gompertz equation is as follows:

Required

1. Use the exponential function on your calculator or the EXP function in Excel to determine the mortality rate of any age you choose between 25 and 90.

2. Think of an application or two that an exponential equation like the Gompertz equation could be used in cost estimation.