Answered: Average Cost of Tuition and Fees at…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The bar graph shows the average cost of tuition and fees at private four-year colleges in the United States. The formula, T = 21x² + 862x + 15.552, models the average cost of tuition and fees, T, at private U.S. colleges for the school year ending x years after 2000.

Solve, a. Use the formula to find the average cost of tuition and fees at private U.S. colleges for the school year ending in 2014.

b. By how much does the formula underestimate or overestimate the actual cost shown by the graph for the school year ending in 2014?

And, c. Use the formula to project the average cost of tuition and fees at private U.S. colleges for the school year ending in 2020.

Average Cost of Tuition and Fees at
Private Four-Year U.S. Colleges
$33,000
31,701
$31,000
29,056
$29,000
$27,000
26,273
$25,000
23,712
$23,000
21,235
$21,000
19,710
$19,000
17,272
$17,000
$15,000
15,518
2000 2002 2004 2006 2008 2010 2012 2014
End of the School Year
Source: The College Board
Tuition and Fees

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