Question

if the cost of a movie ticket now averages $11.50 , interpret the meaning of the expression 11.50(1.083)

Answer 1

I believe the correct expression is: 11.50(1.083)^t where t is the time.

Now, we are given that the average price of the ticket is $11.5
The given expression means that this average value is dependent on the variable t. Therefore, the average price of the ticket increases exponentially with the time with the rate of growth equals 1.083

Now, to better understand this, we will get the price of the ticket at different times:
At t = 1: price = 11.50(1.083)^1 = $12.4545
At t = 2: price = 11.50(1.083)^2 = $13.4882235
At t = 3: price = 11.50(1.083)^3 = $14.60774605
We can notice that the price of the ticket increases exponentially as the time increases.

Hope this helps :)