Answered

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                            Median Price($)


1940                            $20,200


1950                             $39,900


1960                            $50,400


1970                           $62,800


1980                          $89,100


1990                          $98,700


2000                        $119,000

Verified Answer :

lily777

1965 $50,400? not 100% sure! 

hope it helped

Answer:

A) Price= 1617*Year - 3.116e+006;     B) 150340$ By 2020

Step-by-step explanation:

We have a data set of 7 x, y pairs, this data set can be modelled as line, applying a linear regression calculator we found that the trend line can be modelled as Price= 1617*Year - 3.116e+006  

Attached you will find the regression results where x is the year variable and Y is the price. If we now plug year=2020 in the equation we have:

Price=1617*2020-3.116e+006 = 150340$

View image miguel9418
View image miguel9418

Related Questions