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If we assume the linear trend existed before 1950 and continues after 2000, the two states’ median house values will be (or were) equal in what year? (The answer might be absurd.)
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For the following exercises, use the median home values in Indiana and Alabama (adjusted for inflation) shown in
[link] . Assume that the house values are changing linearly.
Year |
Indiana |
Alabama |
1950 |
$37,700 |
$27,100 |
2000 |
$94,300 |
$85,100 |
If we assume the linear trend existed before 1950 and continues after 2000, the two states’ median house values will be (or were) equal in what year? (The answer might be absurd.)
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Real-world applications
In 2004, a school population was 1001. By 2008 the population had grown to 1697. Assume the population is changing linearly.
- How much did the population grow between the year 2004 and 2008?
- How long did it take the population to grow from 1001 students to 1697 students?
- What is the average population growth per year?
- What was the population in the year 2000?
- Find an equation for the population,
of the school
t years after 2000.
- Using your equation, predict the population of the school in 2011.
- 696 people
- 4 years
- 174 people per year
- 305 people
-
- 2219 people
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In 2003, a town’s population was 1431. By 2007 the population had grown to 2134. Assume the population is changing linearly.
- How much did the population grow between the year 2003 and 2007?
- How long did it take the population to grow from 1431 people to 2134 people?
- What is the average population growth per year?
- What was the population in the year 2000?
- Find an equation for the population,
of the town
years after 2000.
- Using your equation, predict the population of the town in 2014.
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A phone company has a monthly cellular plan where a customer pays a flat monthly fee and then a certain amount of money per minute used on the phone. If a customer uses 410 minutes, the monthly cost will be $71.50. If the customer uses 720 minutes, the monthly cost will be $118.
- Find a linear equation for the monthly cost of the cell plan as a function of
x , the number of monthly minutes used.
- Interpret the slope and
y -intercept of the equation.
- Use your equation to find the total monthly cost if 687 minutes are used.
-
- The flat monthly fee is $10 and there is an additional $0.15 fee for each additional minute used
- $113.05
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A phone company has a monthly cellular data plan where a customer pays a flat monthly fee of $10 and then a certain amount of money per megabyte (MB) of data used on the phone. If a customer uses 20 MB, the monthly cost will be $11.20. If the customer uses 130 MB, the monthly cost will be $17.80.
- Find a linear equation for the monthly cost of the data plan as a function of
, the number of MB used.
- Interpret the slope and
y -intercept of the equation.
- Use your equation to find the total monthly cost if 250 MB are used.
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In 1991, the moose population in a park was measured to be 4,360. By 1999, the population was measured again to be 5,880. Assume the population continues to change linearly.
- Find a formula for the moose population,
P since 1990.
- What does your model predict the moose population to be in 2003?
-
- 6640 moose
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In 2003, the owl population in a park was measured to be 340. By 2007, the population was measured again to be 285. The population changes linearly. Let the input be years since 1990.
- Find a formula for the owl population,
Let the input be years since 2003.
- What does your model predict the owl population to be in 2012?
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The Federal Helium Reserve held about 16 billion cubic feet of helium in 2010 and is being depleted by about 2.1 billion cubic feet each year.
- Give a linear equation for the remaining federal helium reserves,
in terms of
the number of years since 2010.
- In 2015, what will the helium reserves be?
- If the rate of depletion doesn’t change, in what year will the Federal Helium Reserve be depleted?
-
- 5.5 billion cubic feet
- During the year 2017
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Suppose the world’s oil reserves in 2014 are 1,820 billion barrels. If, on average, the total reserves are decreasing by 25 billion barrels of oil each year:
- Give a linear equation for the remaining oil reserves,
in terms of
the number of years since now.
- Seven years from now, what will the oil reserves be?
- If the rate at which the reserves are decreasing is constant, when will the world’s oil reserves be depleted?
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You are choosing between two different prepaid cell phone plans. The first plan charges a rate of 26 cents per minute. The second plan charges a monthly fee of $19.95
plus 11 cents per minute. How many minutes would you have to use in a month in order for the second plan to be preferable?
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You are choosing between two different window washing companies. The first charges $5 per window. The second charges a base fee of $40 plus $3 per window. How many windows would you need to have for the second company to be preferable?
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When hired at a new job selling jewelry, you are given two pay options:
- Option A: Base salary of $17,000 a year with a commission of 12% of your sales
- Option B: Base salary of $20,000 a year with a commission of 5% of your sales
How much jewelry would you need to sell for option A to produce a larger income?
More than $42,857.14 worth of jewelry
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When hired at a new job selling electronics, you are given two pay options:
- Option A: Base salary of $14,000 a year with a commission of 10% of your sales
- Option B: Base salary of $19,000 a year with a commission of 4% of your sales
How much electronics would you need to sell for option A to produce a larger income?
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When hired at a new job selling electronics, you are given two pay options:
- Option A: Base salary of $20,000 a year with a commission of 12% of your sales
- Option B: Base salary of $26,000 a year with a commission of 3% of your sales
How much electronics would you need to sell for option A to produce a larger income?
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When hired at a new job selling electronics, you are given two pay options:
- Option A: Base salary of $10,000 a year with a commission of 9% of your sales
- Option B: Base salary of $20,000 a year with a commission of 4% of your sales
How much electronics would you need to sell for option A to produce a larger income?
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Questions & Answers
Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
can you send the book attached ?
Ariel
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2
find mu of x for y
U(x,y) = (xÃy)1/2
find mu of x for y
Desalegn
this is the study of how the society manages it's scarce resources
Belonwu
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
difference between firm and industry
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from
Qd 120 3P
to
Qd 90 3P
and the supply function has shifted from
QS
20 2P
to
QS
10 2P .
a) Find the effect of this change on price and quantity.
b) Which of the changes in demand and supply is higher?
explain standard reason why economic is a science
factors influencing supply
scares
means__________________ends
resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Why qualify 28 supplies
Milan
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
identify a demand and a supply curve
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:
OpenStax, Precalculus. OpenStax CNX. Jan 19, 2016 Download for free at https://legacy.cnx.org/content/col11667/1.6
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