Question 1188419: The median existing home price of a home is 1988 was $90,600.00, and in 1994 it was $107,600.00. You wish to fit a linear equation to the points representing this data using 1980 as the base year.
a.Write and solve a system of equations that fit this model.
b.Interpret the slope in the context of the data.
c.By your model, what was the median price in 1991?
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! price P=(year-1980)x+ some constant
ordered pair (8, 90600) and (14, 107,600)
slope is difference in y 17000/ difference in x 6,
that is $2833.3
point slope formula is y-y1=m(x-x1), m slope and (x1, y1) a point
y-90600=2833.3(x-8)
y=2833.3x+67934
slope is increase in the price per year.
1991 is x=11
so price was in 1991: 2833.33*11+67934=$99,100.67
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