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If we assume the linear trend existed before 1950 and continues after 2000, the two states’ median house values will be (or were) equal in what year? (The answer might be absurd.)
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For the following exercises, use the median home values in Indiana and Alabama (adjusted for inflation) shown in
[link] . Assume that the house values are changing linearly.
Year |
Indiana |
Alabama |
1950 |
$37,700 |
$27,100 |
2000 |
$94,300 |
$85,100 |
If we assume the linear trend existed before 1950 and continues after 2000, the two states’ median house values will be (or were) equal in what year? (The answer might be absurd.)
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Real-world applications
In 2004, a school population was 1001. By 2008 the population had grown to 1697. Assume the population is changing linearly.
- How much did the population grow between the year 2004 and 2008?
- How long did it take the population to grow from 1001 students to 1697 students?
- What is the average population growth per year?
- What was the population in the year 2000?
- Find an equation for the population,
of the school
t years after 2000.
- Using your equation, predict the population of the school in 2011.
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In 2003, a town’s population was 1431. By 2007 the population had grown to 2134. Assume the population is changing linearly.
- How much did the population grow between the year 2003 and 2007?
- How long did it take the population to grow from 1431 people to 2134 people?
- What is the average population growth per year?
- What was the population in the year 2000?
- Find an equation for the population,
of the town
years after 2000.
- Using your equation, predict the population of the town in 2014.
-
people
-
years
- Average rate of growth
people per year
So, using
we have
- The year 2000 corresponds to
So,
or roughly 904 people in year 2000
- If the year 2000 corresponds to
then we have ordered pair
corresponds to
- The year 2014 corresponds to
Therefore,
.
So, a population of 3364.
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A phone company has a monthly cellular plan where a customer pays a flat monthly fee and then a certain amount of money per minute used on the phone. If a customer uses 410 minutes, the monthly cost will be $71.50. If the customer uses 720 minutes, the monthly cost will be $118.
- Find a linear equation for the monthly cost of the cell plan as a function of
x , the number of monthly minutes used.
- Interpret the slope and
y -intercept of the equation.
- Use your equation to find the total monthly cost if 687 minutes are used.
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A phone company has a monthly cellular data plan where a customer pays a flat monthly fee of $10 and then a certain amount of money per megabyte (MB) of data used on the phone. If a customer uses 20 MB, the monthly cost will be $11.20. If the customer uses 130 MB, the monthly cost will be $17.80.
- Find a linear equation for the monthly cost of the data plan as a function of
the number of MB used.
- Interpret the slope and
y -intercept of the equation.
- Use your equation to find the total monthly cost if 250 MB are used.
-
- 0.06 For every MB, the client is charged 6 cents.
If no usage occurs, the client is charged $10
-
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Questions & Answers
Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
can you send the book attached ?
Ariel
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2
find mu of x for y
U(x,y) = (xÃy)1/2
find mu of x for y
Desalegn
this is the study of how the society manages it's scarce resources
Belonwu
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
difference between firm and industry
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from
Qd 120 3P
to
Qd 90 3P
and the supply function has shifted from
QS
20 2P
to
QS
10 2P .
a) Find the effect of this change on price and quantity.
b) Which of the changes in demand and supply is higher?
explain standard reason why economic is a science
factors influencing supply
scares
means__________________ends
resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Why qualify 28 supplies
Milan
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
identify a demand and a supply curve
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:
OpenStax, Algebra and trigonometry. OpenStax CNX. Nov 14, 2016 Download for free at https://legacy.cnx.org/content/col11758/1.6
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