Question

If x represents the number of years since 2000 and y represents the gas price, predict what the difference between the gas prices in 2013 and 2001 is? Round to the nearest hundredth.

Answer 1

The difference between the gas prices in 2013 and 2001 is 3.00

The linear equation of the graph

Start by calculating the slope of the line of best fit using:

$m = \frac{y_2 -y_1}{x_2 - x_1}$

From the line of best fit, we have:

$m = \frac{3 - 2}{8 - 4}$

$m = \frac{1}{4}$

 

The regression equation is then represented as:

$y = m(x -x_1) + b$

So, we have:

$y = \frac 14(x -4) + 2$

$y = \frac 14x -1 + 2$

$y = \frac 14x +1$

Express as decimals

$y = 0.25x +1$

The price of the gas

In 2001, the value of x is 1

So, we have:

$y = 0.25(1) +1 =1.25$

In 2013, the value of x is 13.

So, we have:

$y = 0.25(13) +1 =4.25$

So, the difference (d) between the prices is:

$d = 4.25 - 1.25$

$d = 3.00$

Hence, the difference between the gas prices in 2013 and 2001 is 3.00

Read more about linear regression at:

brainly.com/question/26137159