SOLUTION: The average home price in Linden Hills, Minneapolis in 2007 was $381,000.
The average home price in Linden Hills, Minneapolis in 2011 was $296,000 Source: http://www.zillow

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Question 622415: The average home price in Linden Hills, Minneapolis in 2007 was $381,000.
The average home price in Linden Hills, Minneapolis in 2011 was $296,000
Source: http://www.zillow.com/local-info/MN-Minneapolis-home-value/r_5983/
Let year be the x variable and the home price be the y variable.
Generate a linear function that relates year (x) to home price (y).
Estimate what the average home price was in 2009.
Estimate what the average home price will be in 2035. Discuss your answer.
If this trend continues, estimate what year you would predict the average home price will reach $250,000.
Describe in your own words, what the slope of this function tells you.
Give another example where you might use a linear representation to model change over time.
Hint for a- f: You have two points and you are generating the equation of a line given two points. Your points are of the form (x, y) or more specifically (year, home price).
Found 2 solutions by solver91311, ewatrrr:
Answer by solver91311(24713)   (Show Source): You can put this solution on YOUR website!


Use the two-point form of an equation of a straight line.



where and are the coordinates of the given points.

By the way, using a linear relationship to extrapolate home prices 23 years into the future is just plain dumb.

John

My calculator said it, I believe it, that settles it
The Out Campaign: Scarlet Letter of Atheism
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 

Hi,

The average home price in Linden Hills, Minneapolis in 2007 was $381,000

The average home price in Linden Hills, Minneapolis in 2011 was $296,000



(0,381,000)

(4,296,000   m = 85,000/-4 = -21,250

Generate a linear function that relates year (x) to home price (y). 

 where x is the number of years after 2007  

 Estimate what the average home price was in 2009. $338,500

 Estimate what the average home price will be in 2035. -21250*28 + 381,000 

 If this trend continues, estimate what year you would predict the average home price will reach $250,000.

  250,000 = -21250x + 381,00

  -131,000/ -21250 = x = 6.165  2007 + 7 = 2014 

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