Final answer:
The fair price for the house can be calculated by substituting the house size into the provided linear equation y=0.074x+50.48, resulting in a fair price of approximately $179,980. Therefore, the closest option is $180,000, which is Option A.
Step-by-step explanation:
The student is asking about the fair price for a house based on a given linear equation that represents the trend of house prices in the neighborhood, also known as comps or comparative market analysis. The equation provided is y=0.074x+50.48, where y is the price of the house in thousands of dollars and x is the house size in square feet. To find the fair price, we substitute the house size (1750 square feet) into the equation.
Step 1: Substitute the value of x(1750) into the equation:
y = 0.074(1750) + 50.48
Step 2: Perform the multiplication:
y = 129.5 + 50.48
Step 3: Add the results to find y:
y = 179.98
Since the value of y is in thousands of dollars, the fair price would be $179,980. The closest answer choice to this amount is $180,000 (Option A).