Question

In a given country, the average price of a gallon of unleaded gasoline in 1995 was $2.54. In 2010, the average price was $3.18. Find and interpretThe average rate of change in the price of a gallon of gasoline per year. The average rate of change is $ ___ per year.(Type an integer or a decimal. Round to the nearest cent as needed.)

Answer 1

The rate of change is found using the slope formula

m = ( y2-y1)/(x2-x1)

We have two points

( 1995, 2.54) ( 2010, 3.18)

m = (3.18-2.54) / (2010-1995)

=.64/15

$.042666666 per year

Rounding to the nearest cent

$.04 per year

We know that the price went up from 1995 to 2010 so the price increased

It increased an average of $.04 each year

A. The price of a gallon of gasoline increased by an average of $_.04__ per year from 1995 to 2010