document.write( "Question 183218: This problem has more than one part, please HELP ME put it all together.?
\n" ); document.write( "The price of unleaded regular gasoline varies with the price per barrel of oil on the world market. When oil was selling for $30 per barrel I paid $1.25 per gallon for gasoline. When oil was selling for $140 per barrel, I paid $4.00 for a gallon of gasoline. I have to make a table showing the above data for gasoline and oil prices. Then, I have to construct a graph with oil price per barrel on the horizontal axis and the price per gallon of gasoline on the vertical axis, then plot the two points given and draw a line connecting the two points and extending over the range of $0 to $150 for the price of a barrel of oil, and find the slope of the line, then find the “y” intercept for the line (the point where oil is $0.00 per barrel) and finally write the equation of the line. Assuming that the relationship is linear, I have to calculate the price for a gallon of gasoline when the oil price reaches $39.34 per barrel. How does this compare to the price you are paying today?\r
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Algebra.Com's Answer #137565 by jim_thompson5910(35256)\"\" \"About 
You can put this solution on YOUR website!
Let x=price per barrel of oil and y=price per gallon of gasoline\r
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\n" ); document.write( "\n" ); document.write( "First translation: \"When oil was selling for $30 per barrel I paid $1.25 per gallon for gasoline\" means that when \"x=130\", \"y=1.25\". So we have one point (130,1.25)\r
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\n" ); document.write( "\n" ); document.write( "Second translation: \"When oil was selling for $140 per barrel, I paid $4.00 for a gallon of gasoline\" means that when \"x=140\", \"y=4\". So we have another point (140,4)\r
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\n" ); document.write( "\n" ); document.write( "So here's the table of the two ordered pairs (points)
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xy
1301.25
1404
\r
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\n" ); document.write( "\n" ); document.write( "Now set up the axis (with the proper ranges and labels)\r
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\n" ); document.write( "\n" ); document.write( "Plot the two points\r
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\n" ); document.write( "\n" ); document.write( "Draw a line through the points (in blue)\r
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\n" ); document.write( "\n" ); document.write( "Now let's find the equation of the line that goes through the points (130,1.25) and (140,4)\r
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\n" ); document.write( "\n" ); document.write( "First let's find the slope of the line through the points (130,1.25) and (140,4)\r
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\n" ); document.write( "\n" ); document.write( "Note: is the first point (130,1.25) and is the second point (140,4)\r
\n" ); document.write( "\n" ); document.write( "\"m=%28y%5B2%5D-y%5B1%5D%29%2F%28x%5B2%5D-x%5B1%5D%29\" Start with the slope formula.\r
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\n" ); document.write( "\n" ); document.write( "\"m=%284-1.25%29%2F%28140-130%29\" Plug in \"y%5B2%5D=4\", \"y%5B1%5D=1.25\", \"x%5B2%5D=140\", and \"x%5B1%5D=130\"\r
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\n" ); document.write( "\n" ); document.write( "\"m=%282.75%29%2F%28140-130%29\" Subtract \"1.25\" from \"4\" to get \"2.75\"\r
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\n" ); document.write( "\n" ); document.write( "\"m=%282.75%29%2F%2810%29\" Subtract \"130\" from \"140\" to get \"10\"\r
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\n" ); document.write( "\n" ); document.write( "\"m=0.275\" Divide\r
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\n" ); document.write( "\n" ); document.write( "So the slope of the line that goes through the points (130,1.25) and (140,4) is \"m=0.275\" \r
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\n" ); document.write( "\n" ); document.write( "Now let's use the point slope formula:\r
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\n" ); document.write( "\n" ); document.write( "\"y-y%5B1%5D=m%28x-x%5B1%5D%29\" Start with the point slope formula\r
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\n" ); document.write( "\n" ); document.write( "\"y-1.25=0.275%28x-130%29\" Plug in \"m=0.275\", \"x%5B1%5D=130\", and \"y%5B1%5D=1.25\"\r
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\n" ); document.write( "\n" ); document.write( "\"y-1.25=0.275x%2B0.275%28-130%29\" Distribute\r
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\n" ); document.write( "\n" ); document.write( "\"y-1.25=0.275x-35.75\" Multiply\r
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\n" ); document.write( "\n" ); document.write( "\"y=0.275x-35.75%2B1.25\" Add \"1.25\" to both sides. \r
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\n" ); document.write( "\n" ); document.write( "\"y=0.275x-34.5\" Combine like terms.\r
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\n" ); document.write( "\n" ); document.write( "So the equation that goes through the points (130,1.25) and (140,4) is \"y=0.275x-34.5\"\r
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\n" ); document.write( "\n" ); document.write( "The equation is now in slope intercept form \"y=mx%2Bb\" where the slope is \"m=0.275\" and the y-intercept is \"b=-34.5\"\r
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\n" ); document.write( "\n" ); document.write( "Note:\r
\n" ); document.write( "\n" ); document.write( "Since the slope is \"m=0.275\", this means that for every dollar increase that the price per barrel of oil experiences, the price per gallon of gas will increase $0.275\r
\n" ); document.write( "\n" ); document.write( "Also, the y-intercept is the value when the price of oil is $0 per barrel. So if the price per barrel is $0, then the price of gas is -34.50 dollars. \r
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\n" ); document.write( "\n" ); document.write( "\"Assuming that the relationship is linear, I have to calculate the price for a gallon of gasoline when the oil price reaches $39.34 per barrel\"\r
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\n" ); document.write( "\n" ); document.write( "In this case, we want to know \"y\" when \"x\" is equal to 39.34. So simply plug in \"x=39.34\" to find \"y\"\r
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\n" ); document.write( "\n" ); document.write( "\"y=0.275x-34.5\" Start with the equation we just found\r
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\n" ); document.write( "\n" ); document.write( "\"y=0.275%2839.34%29-34.5\" Plug in \"x=39.34\"\r
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\n" ); document.write( "\n" ); document.write( "\"y=10.8185-34.5\" Multiply\r
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\n" ); document.write( "\n" ); document.write( "\"y=-23.6815\" Subtract\r
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\n" ); document.write( "\n" ); document.write( "So when the price of oil is $39.34 a barrel, the price of gas will be about -23.68 dollars a barrel.\r
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\n" ); document.write( "\n" ); document.write( "Note: the relationship between the price of oil and the price of gas is a little more complex than just a simple linear relationship (since there are more factors involved).
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