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Question 455324: 1. The average price of an acre of land in some country was $1222 in 2001. In 2006, the price rose to approximately $1702.
a. two ordered pairs of the form (year, price of acre) are?
b. The slop of the line through the two points is approximately?
c. Choose the correct interpreations of the slope.
2. In 1980, median family income was about $17,000, and in 2000 it was about $41,000.
a. find the slope.
b. interpret the slope as a rate change.
c. the median family income in 2005 will be?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! 1. The average price of an acre of land in some country was $1222 in 2001. In 2006, the price rose to approximately $1702.
a. two ordered pairs of the form (year, price of acre) are?
Ans: (1,1222) and (6,1702)
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b. The slope of the line through the two points is approximately?
Ans: (1702-1222)/(6-1) = 480/5 = 96
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c. Choose the correct interpreations of the slope.
Each year the average price increases by $96
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2. In 1980, median family income was about $17,000, and in 2000 it was about $41,000.
a. find the slope.
Ans: (41000-17000)/(2000-1980) = 1200
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b. interpret the slope as a rate change.
Each year the median family income increases by $1200
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c. the median family income in 2005 will be?
I(x) = 1200x + b
Solve for "b":
b = 17000
I(x) = 1200x + 17000
I(25) = 1200*25 + 17000
I(25) = $47,000
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Cheers,
Stan H.
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