5. Get Creative! Create a line graph or other visual representation to show the pricing trend. Be sure to include the current price (from #4) in your model. Hint: Graph from 1960 to current price (2021).
To create a line graph representing the pricing trend from 1960 to the current price in 2021, you will need historical data points for each year and the current price from question #4. Here's how you can get started:
1. Collect the historical prices:
- Look for data sources such as economic databases, government reports, or financial websites that provide historical pricing information for the item or product you are interested in. For example, if you want to track the pricing trend of a particular commodity, you can search for historical commodity price datasets.
- Once you find a reliable source, gather the historical prices for each year from 1960 to 2021. Make sure the data is complete and covers as many years as possible.
2. Organize the data:
- Create a table or spreadsheet to organize the collected data. On one column, list the years from 1960 to 2021, and on the corresponding column, input the historical prices you found. Leave any missing years blank if you couldn't find data for those particular years.
3. Plot the data:
- Open a spreadsheet software or data visualization tool that supports creating line graphs. Tools like Microsoft Excel, Google Sheets, or specialized graphing software can be used.
- Enter the year and price data from your table into the software.
- Select the data range and choose to create a line graph. Depending on the software, you may find this option in the chart or graph menu, or you can use keyboard shortcuts like Alt+F1 in Excel.
- Customize the graph as needed, including labeling the axes, adding a title, and adjusting the scale to fit the data appropriately.
- Include a marker or distinctive symbol at the point corresponding to the current price from question #4. This will highlight the current price on the graph.
4. Save and share:
- Once you are satisfied with the graph, save it in a suitable format, such as PNG or JPEG.
- You can now share it in various ways, such as including it in a document, presentation, or uploading it to a website or social media platform.
Remember, the quality and availability of historical data may vary depending on the product or item you are tracking. Some datasets may require a subscription or access fee, while others may be freely available. It's important to use reliable and credible sources to ensure the accuracy of the data.