Question

Online jewelry sales have increased steadily. In 2003, sales were approximately 2 billion dollars, and in 2010 they were approximately 12.1 billion. find the unit rate of change at which online jewelry sales have been increasing. What should jewelry sales be in 2018 by constructing a model?

Answer 1

The unit rate of change of online jewelry sales is approximately 1.44 billion dollars per year. Jewelry sales in 2018 would be approximately 23.62 billion dollars.

Step-by-step explanation:

To find the unit rate of change at which online jewelry sales have been increasing, we can calculate the average rate of change between 2003 and 2010.

Unit Rate of Change = (Total Change in Sales)/(Number of Years)

Total Change in Sales = 12.1 billion - 2 billion = 10.1 billion

Number of Years = 2010 - 2003 = 7

Unit Rate of Change = (10.1 billion)/(7 years) = 1.44 billion/year

To construct a model and estimate jewelry sales in 2018, we can assume the unit rate of change remains constant. So, from 2010 to 2018 (8 years), jewelry sales would increase by:

(Unit Rate of Change) * (Number of Years) = 1.44 billion/year * 8 years = 11.52 billion

Therefore, jewelry sales in 2018 would be approximately 12.1 billion + 11.52 billion = 23.62 billion dollars.