2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
$2.27 $2.58 $2.81 $3.26 $2.35 $2.78 $3.53 $3.60 $3.49 $3.11 $2.03

What equation models the data? What are the domain and range of the equation? Is the equation a good fit for the data? Explain how you determined your answer.

in Algebra 1 Answers by Level 1 User (440 points)

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1 Answer

Look first at the differences between the data. Call these D1, D2, etc. No need for $ sign. All figures in cents.

D1: 31, 23, 45, 109, 43, 75, 27, -11, -38, -108

D2: -8, 22, -36, 34, 32, -48, -38, -27, -70

D3: 30, -58, 70, -2, -80, 10, 11, -43

D4: -88, 128, -72, -78, 90, 1, -54

No pattern, so perhaps statistical analysis will help. Linear regression, perhaps.

Mean is $2.892 for money data (Y). Mean is 2010 for other data (X).

A table will help:

X Y XY X^2
2005 2.27 4551.35 4020025
2006 2.58 5175.48 4024036
2007 2.81 5639.67 4028049
2008 3.26 6546.08 4032064
2009 2.35 4721.15 4036081
2010 2.78 5587.80 4040100
2011 3.53 7098.83 4044121
2012 3.60 7243.20 4048144
2013 3.49 7025.37 4052169
2014 3.11 6263.54 4056196
2015 2.03 4090.45 4060225
TOTAL: 22110 31.81 63942.92 44441210

From these totals the slope=(11*(3rd column)-(1st col)*(2nd col))/(11*(4th col)-(1st col)^2)=

(11*63942.92-22110*31.81)/(11*44441210-488852100)=0.04382.

Intercept=((2nd col)-slope*(1st col))/11=(31.81-0.04382*22110)/11=-85.1827.

The equation is Y=0.04382X-85.1827, which represents the best model to fit the data, assuming a linear relationship.

Using this equation we get (2005,2.67), (2006,2.72), (2007,2.76), (2008,2.80), (2009,2.85), (2010,2.89), (2011,2.94), (2012,2.98), (2013,3.02), (2014,3.07), (2015,3.11) as the pairs of (X,Y) values.

If the relation is non-linear, plotting the values may give us a clue. If we omit figures for 2009 and 2010, the graph resembles a parabola.

We can find the average slope between consecutive pairs of points, ignoring 2009 and 2010:

2005-2006: 31; 2006-2007: 23; 2007-2008: 45; 2008-2011: 27/3=9; 2011-2012: 7; 2012-2013: -11; 2013-2014: -38; 2014-2015: -108.

If this were a parabola, we would expect the negative and positive slopes to be opposites after the maximum at 2012, but this doesn't appear to be the case. However, this points to a maximum for the range at $3.60. The domain goes from 2005 to 2015 and we don't have a satisfactory model for the figures.

by Top Rated User (1.1m points)
given this information how would I predict the cost of gas in 2020?

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