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 need to calculate the difference in the average price of a home between the two years and divide it by the difference in the number of years.
Slope or rate of change = (change in average home price) / (change in time)
Change in average home price = $109,000 - $97,000 = $12,000
Change in time = 1986 - 1980 = 6 years
Slope or rate of change = $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 annual increase in the price of a home in Brainerd County between 1980 and 1986. This means that on average, the price of a home increased by $2,000 per year during that period.