Answered: The median price of a single-family…

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.38TI: US Census data shows that the median price of new home in the U.S. in November 2014 was $280,900....

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The median price of a single-family home in the city of Austin is $415,000. The median price of a single-family home in the city of Round Rock is $302,000. Complete the following based on these figures.

A house in Austin costs % more than a house in Round Rock.

A house in Round Rock costs % less than a house in Austin.

Expert Solution

Step 1

$F i r s t w e w i l l f i n d t h e d i f f e r e n c e b e t w e e n p r i c e o f h o u s e o f t w o c i t i e s T h e r e f o r e, D i f f e r e n c e i s g i v e n b y \Rightarrow $ 415000 - $ 302000 = $ 113000 N o w, C o u n t i n g D i f f e r e n c e w i t h r e s p e c t t o b o t h h o u s e s . C o u n t i n g D i f f e r e n c e w i t h r e s p e c t t o A u s t i n = \frac{113000}{415000} = 0.2722 = 27.22 % a n d C o u n t i n g D i f f e r e n c e w i t h r e s p e c t t o R o u n d R o c k = \frac{113000}{302000} = 0.374 = 37.4 %$

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