Question

The scatter plot below shows the average rent (in dollars per month) for a 1-bedroom apartment in NYC each year between 2000 and 2013. A line was fit to the data to model the relationship. Which of these linear equations best describes the given model?A) ŷ = ⅖x + 800B) ŷ = 40x + 800C) ŷ = 800x + ⅖D) ŷ = 800x + 40Based on the equation, use this equation to estimate the average rent in 2020.Round your answer to the nearest dollar.$___.

Answer 1

From the graph, we can conclude:

`\begin{gathered} b=y-intercept_{}\approx800 \\ m\approx(900-800)/(3-0)\approx33.33\approx40 \end{gathered}`

So, the linear equation that best describes the given model is:

`\hat{y}=40x+800`

Therefore, for 2020 or x = 20:

`\begin{gathered} \hat{y}(20)=40(20)+800 \\ \hat{y}(20)=1600 \end{gathered}`