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 in this scenario, we can use the formula:
Slope = (Change in Y) / (Change in X)
Where Y represents the average price of a home and X represents the year.
Using the provided information, we can calculate the change in Y:
Change in Y = $109,000 - $97,000 = $12,000
And the change in X:
Change in X = 1986 - 1980 = 6 years
Now we can plug the values into the slope formula:
Slope = (12,000) / (6) = $2,000
Therefore, the slope or rate of change in this scenario is $2,000.
In the context of this scenario, the slope represents the average annual increase in the price of a home in Brainerd County. So, on average, the price of a home increased by $2,000 per year from 1980 to 1986.