Question
The table shows the median home prices in Florida. What is the equation of a trend line that models a relationship between time and home prices? Use the equation to predict the median home price in 2020.
Year 1940 1950 1960 1970 1980 1990 2000
Median Price($) $20,200 $39,900 $50,400 $62,800 $89,100 $98,700 $119,000
A. y = 1646.67x + 20,200; $151,900
B. y = 49.4x + 20,200; $119,000
C. y = 49.4x + 20,200; $151,900
D. y = 1646.67x + 20,200; $119,000
I chose D
Year 1940 1950 1960 1970 1980 1990 2000
Median Price($) $20,200 $39,900 $50,400 $62,800 $89,100 $98,700 $119,000
A. y = 1646.67x + 20,200; $151,900
B. y = 49.4x + 20,200; $119,000
C. y = 49.4x + 20,200; $151,900
D. y = 1646.67x + 20,200; $119,000
I chose D
Answers
since the price went up by roughly 100,000 in 60 years, that's an average annual increase of about 1650, so choice would be A or D.
Add about 33000 to 119,000 and the choice is clearly A
Why did you pick D? The price was already 119,000 in 2000.
Add about 33000 to 119,000 and the choice is clearly A
Why did you pick D? The price was already 119,000 in 2000.