Question

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

Answer 1

1965 $50,400? not 100% sure!

hope it helped

Answer 2

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

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$