Question

In 2006 the median price of an existing home in some country was approximately $ 225,400. In 2001 the median price was $ 153,000. Let Y be the median price of the existing home in the year x, where x=0 represents 2001.
1. write a linear equation that models the median existing home price in terms of the year x/
y= ( write it in slope intercept form)

2.Use the equationto predict the median existing home price for the year 2010.
Y=$

3. Interpret the slope of the equation found in part 1.

Answer 1

Ok so suppose you start your x axis from the year 2000, or x=0, corresponds to the year 2000.
That would mean in 2001: x=1 and y=153,000
In 2006: x=6 and y=225,400

Answer 2

So you have two points:
(1;153,000) and (6;225,400)
M=(y2-y1)/(x2-x1)=(225,400-153,000)/(6-1)=72400/5=14480

Answer 3

Equation of the line is:
y-153,000=14,480(x-1);
y=14,480x-14,480+153,000=14,480x+167,480

Answer 4

So part 1:
y=14,480x+167,480
Part 2:
Plug in x=10 for 2010, and see what y is:
y=14,480*10+167,480=144,800+167,480=$312,280

Answer 5

OMG MISTAKES!

Answer 6

lol I realized I made a dumb mistake when I was explaining part 3... pheeww

Answer 7

its ok u make this so simple to learn

Answer 8

y=14,480x-14,480+153,000
y=14,480x+138520

Answer 9

In that step, instead of subtracting 14,480, I added.

Answer 10

So part 1:
y=14,480x+138520
part 2:
y=14,480*10+138,520 = 283320

Answer 11

part 3:
Slope is rise over run, which, in our case is the amount by which the price increases by every year. If it were 2, our price would double every year, if it were 4, it would quadruple every year, etc.. And, they're not asking you for it, but +138,520 in that equation shows that the initial price was $138,520.

Answer 12

so what would part threes answer be?