Question

1.) In 1980 the average price of a home in Brainerd County was $100,000. By 1985 the average price of a home was $125,000. Write a linear model for the price of a home, P, in Brainerd County in terms of the year, t. Let t=0 correspond to 1980

Answer 1

Given,

Average price in 1980 is $100,000

This is a linear model of form y=mx+b

Where,

x : terms of year

y : price of home

Let this be point be as in 1980

And by 1985 the average price is $125,000

Here,

This point be

Now slope is,

Not put m=5000 in y=mx+b

Substitute point in

Now subtitute b=100,000 in

Now replace variable x with t where t represents terms of year and y with P which represents price of home.

So,

The equation is ,

Where,

t : in terms of year

P : price of home