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

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Question 147066: 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
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
The slope or rate of change would be the change in gas price (in dollars) divided by the change in time (years in this case).
In equation form,
m=%28GP%5B2%5D-GP%5B1%5D%29%2F%28Y%5B2%5D-Y%5B1%5D%29
where GP is gas price and Y is year.
m=%282.31-1.26%29%2F%282006-1997%29
m=%281.05%29%2F%289%29
m=0.117
The units of the rate of change are $/year.
On average, the price of gas from 1997 to 2006 rose almost 12 cents per year.