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Suppose the median price, P, of a home increased from $60 thousand in 2000 to $180 thousand in 2010. Let t be the number of years since 2000. Use this information to answer the questions below. (a) Assume the increase in housing prices was linear. Which of the following can be used to express the median price of a home in thousands as a function of t, the number of years since 2000? O P(t) = 12t + 60 OP(t)= 18t + 60 O P(t) = 12t + 180 O P(t) = 3t+ 60 O P(t) = 18t + 180 According to this model, what is the median price of a home in 2020? Give your answer to the nearest thousand. $ thousands (b) If instead the housing prices increased exponentially, which of the following can be used to express the median price of a home in thousands as a function of t, the number of years since 2000? ⒸP(t) = 60(3)/10 OP(t) = 60(1.2)/10 OP(t) = 60(3)(t-2000)/10 OP(t) = 60(1.8)/10 OP(t) = 60(1.8) (t-2000)/10 According to this model, what is the median price of a home in 2020? Give your answer to the nearest thousand. $ thousands

Suppose the median price, P, of a home increased from $60 thousand in 2000 to $180 thousand in 2010. Let t be the number of years since 2000. Use this information to answer the questions below. (a) Assume the increase in housing prices was linear. Which of the following can be used to express the median price of a home in thousands as a function of t, the number of years since 2000? O P(t) = 12t + 60 OP(t)= 18t + 60 O P(t) = 12t + 180 O P(t) = 3t+ 60 O P(t) = 18t + 180 According to this model, what is the median price of a home in 2020? Give your answer to the nearest thousand. $ thousands (b) If instead the housing prices increased exponentially, which of the following can be used to express the median price of a home in thousands as a function of t, the number of years since 2000? ⒸP(t) = 60(3)/10 OP(t) = 60(1.2)/10 OP(t) = 60(3)(t-2000)/10 OP(t) = 60(1.8)/10 OP(t) = 60(1.8) (t-2000)/10 According to this model, what is the median price of a home in 2020? Give your answer to the nearest thousand. $ thousands

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
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
Chapter3: Straight Lines And Linear Functions
Section3.3: Modeling Data With Linear Functions
Problem 16E: High School Graduates The following table shows the number, in millions, graduating from high school...
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Suppose the median price, P, of a home increased from $60 thousand in 2000 to $180 thousand in 2010. Lett be the number of years since 2000. Use this information to answer the questions below. (a) Assume the increase in housing prices was linear. Which of the following can be used to express the median price of a home in thousands as a function of t, the number of years since 2000? O P(t) = 12t + 60 O P(t) = 18t + 60 O P(t) = 12t + 180 O P(t) = 3t+ 60 O P(t) = 18t + 180 According to this model, what is the median price of a home in 2020? Give your answer to the nearest thousand. thousands $ (b) If instead the housing prices increased exponentially, which of the following can be used to express the median price of a home in thousands as a function of t, the number of years since 2000? P(t) = 60(3)t/10 P(t) = 60(1.2)t/10 P(t) = 60(3)(t-2000)/10 P(t) = 60(1.8)/10 OP(t) = 60(1.8) (t-2000)/10 According to this model, what is the median price of a home in 2020? Give your answer to the nearest thousand. thousands $
Transcribed Image Text:Suppose the median price, P, of a home increased from $60 thousand in 2000 to $180 thousand in 2010. Lett be the number of years since 2000. Use this information to answer the questions below. (a) Assume the increase in housing prices was linear. Which of the following can be used to express the median price of a home in thousands as a function of t, the number of years since 2000? O P(t) = 12t + 60 O P(t) = 18t + 60 O P(t) = 12t + 180 O P(t) = 3t+ 60 O P(t) = 18t + 180 According to this model, what is the median price of a home in 2020? Give your answer to the nearest thousand. thousands $ (b) If instead the housing prices increased exponentially, which of the following can be used to express the median price of a home in thousands as a function of t, the number of years since 2000? P(t) = 60(3)t/10 P(t) = 60(1.2)t/10 P(t) = 60(3)(t-2000)/10 P(t) = 60(1.8)/10 OP(t) = 60(1.8) (t-2000)/10 According to this model, what is the median price of a home in 2020? Give your answer to the nearest thousand. thousands $
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