he following table is adapted from an article by Marshall Thomas in the F&W Forestry Letter. The data refer to land and timber values in the South. Sawtimber prices are in dollars per thousand board feet. Bare land prices are in dollars per acre and refer to land that has been cleared of timber. (Give your answers correct to two decimal places.) Year Sawtimber price Bare land price 1990 179 299 1994 310 321 1996 311 395 1998 391 446 (a) What is the average rate of change per year in sawtimber prices from 1994 to 1996? $ ____per thousand board feet per year (b) Calculate an estimate of the sawtimber price in 1995. $_ dollars per thousand board feet (c) What is the average rate of change per year in bare land prices from 1996 to 1998? $ per acre per year (d) Calculate an estimate of the bare land price in 1997. $ ___per acre (e) Is there a difference in the price percentage increases when comparing sawtimber prices and bare land prices from 1990 to 1998? No or Yes (f) Would it be better to invest in bare land or in sawtimber, based on your answer from part (e)? bare land sawtimber neither, they both have the same growth rateneither, they both have the same percentage increase in price

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter5: A Survey Of Other Common Functions

Section5.3: Modeling Data With Power Functions

Problem 6E: Urban Travel Times Population of cities and driving times are related, as shown in the accompanying...

See similar textbooks

Related questions

Concept explainers

Question

The following table is adapted from an article by Marshall Thomas in the F&W Forestry Letter. The data refer to land and timber values in the South. Sawtimber prices are in dollars per thousand board feet. Bare land prices are in dollars per acre and refer to land that has been cleared of timber. (Give your answers correct to two decimal places.)

Year	Sawtimber price	Bare land price
1990	179	299
1994	310	321
1996	311	395
1998	391	446

(a) What is the average rate of change per year in sawtimber prices from 1994 to 1996?
$ ______per thousand board feet per year

(b) Calculate an estimate of the sawtimber price in 1995.
$_____ dollars per thousand board feet

(c) What is the average rate of change per year in bare land prices from 1996 to 1998?
$ ____ per acre per year

(d) Calculate an estimate of the bare land price in 1997.
$ _____per acre

(e) Is there a difference in the price percentage increases when comparing sawtimber prices and bare land prices from 1990 to 1998?

No or Yes

(f) Would it be better to invest in bare land or in sawtimber, based on your answer from part (e)?

bare land
sawtimber
neither, they both have the same growth rateneither, they both have the same percentage increase in price

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 6 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Point Estimation, Limit Theorems, Approximations, and Bounds$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.

Similar questions