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 $119,000
Year Median Price($)
1940 $20,200
1950 $39,900
1960 $50,400
1970 $62,800
1980 $89,100
1990 $98,700
2000 $119,000
2 answers:
Answer:
A) Price= 1617*Year - 3.116e+006; B) 150340$ 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$
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