I am in need of some help with the following problem;
Examine the rise in gasoline prices from 1997 to 2006. The price of regular unleaded gasoline in January 1997 was $1.26 and in January 2006 the price of regular unleaded gasoline was $2.31 (Bureau of Labor Statistics, 2006). Use the coordinates (1997, 1.26) and (2006, 2.31) to find the slope (or rate of change) between the two points. Describe how you arrived at your answer.
Is this like m= y2-y1 over x2-x1?
How can I get the change from a $100if I purchase 31.9 litres of gas at a cost of96.7 cent per litre
To find the slope (rate of change) between two points, you can use the formula:
slope = (change in y-coordinates) / (change in x-coordinates)
In this case, the two points are (1997, 1.26) and (2006, 2.31).
The change in y-coordinates is the difference between the y-values of the two points, which is 2.31 - 1.26 = 1.05.
The change in x-coordinates is the difference between the x-values of the two points, which is 2006 - 1997 = 9.
Now, you can calculate the slope:
slope = (change in y-coordinates) / (change in x-coordinates)
= 1.05 / 9
≈ 0.1167
Therefore, the slope (or rate of change) between the two points is approximately 0.1167.
This means that the price of regular unleaded gasoline increased by about $0.1167 per year on average between 1997 and 2006.