SOLUTION: Examine the rise in gasoline prices from 1997 to 2006. The price of regular unleaded gasoline in January 1997 was $1.26 and in January 2006 the price of regular unleaded gasoline w

Question 194779: Examine the rise in gasoline prices from 1997 to 2006. The price of regular unleaded gasoline in January 1997 was $1.26 and in January 2006 the price of regular unleaded gasoline was $2.31 (Bureau of Labor Statistics, 2006). Use the coordinates (1997, 1.26) and (2006, 2.31) to find the slope (or rate of change) between the two points. Describe how you arrived at your answer. Equation to reference is c(g)= 3.03(g)
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!

Remember the following for "year" identification:
1990 = 0
1991 = 1
....
1997 = 7
1998 = 8
...
2000 = 10
...
2006 = 16

We represent the price as y and the year as x.

As per given, we have points (7,1.26) & (16,2.31):
Via Point Slope Form,

---> shows a change of $1.05 in 9 years.

To find our Line Equation, thru point (7,1.26), via Slope-intercept Form:

, rounding off , Y-Intercept

*note: try point (16,2.31), should be the same Y-Intercept
It follows,
, Line Eq'n
If we look the graph,

Thank you,
Jojo

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