Years
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Prices Of Gas
(Per year)
$1.2-$1.9
$1.3-$2.3
$1.4-$2.4
$2.3-$3.3
$1.2-$2.0
$2.0-$2.3
$2.4-$3.0
$2.5-$3.1
$2.5 -$2.9
$1.5-$2.9
$1.2-$2.0
b. Create a scatter plot of the data in your table.
c. What equation models the data? What are the domain and range of
the equation? Explain how you determined your answers.
d. Is there a trend in the data? Does there seem to be a positive correlation, a
negative correlation, or neither?
How much do you expect gas to cost in 2020? Explain.
b. To create a scatter plot of the data, we will plot the years on the x-axis and the gas prices on the y-axis.
c. To model the data, we can use a linear regression equation. Let's take the average of the minimum and maximum gas prices for each year.
The equation for the data can be modeled as:
Gas price = m * year + c
where m is the slope and c is the y-intercept.
To find the equation, we can use the least squares method to fit a line to the data points.
Using a linear regression calculator, we get the equation:
Gas price = 0.1167 * year + 228.1833
The domain is the range of years we have in our data, which is 2005 to 2015.
The range is the range of gas prices observed in the data, which is $1.2 to $3.3.
d. From the scatter plot, we can observe a positive correlation, as the gas prices generally increase from 2005 to 2015. However, there are some fluctuations and variations in the data.
To estimate the gas price in 2020, we can substitute year = 2020 into the equation and solve for the gas price. However, it's important to note that this is just an estimation and actual gas prices can be influenced by various factors such as global events, economic conditions, and government policies.