In 1980 the average price of a home in Brainerd County was $97,000. By 1986 the average price of a home was $109,000.
What is the slope or rate of change in the scenario?
What does the slope mean in context?
To find the slope or rate of change, we can use the formula:
Slope = (Change in y) / (Change in x)
In this scenario, the change in y represents the change in average price of a home, and the change in x represents the change in years.
Change in y = $109,000 - $97,000 = $12,000
Change in x = 1986 - 1980 = 6 years
Plugging these values into the formula:
Slope = $12,000 / 6 years = $2,000 per year
The slope or rate of change in this scenario is $2,000 per year.
In context, the slope represents the average increase in home prices per year in Brainerd County during the time period from 1980 to 1986. It indicates that, on average, the price of a home increased by $2,000 each year during this period.