The line graph shows the cost of inflation. What cost $10,000 in 1984 would cost the amount shown by the graph in subsequent years.
The Cost of Inflation
Source: U.S. Bureau of Labor Statistics
Here are two mathematical models for the data shown by the graph. In each formula, C represents the cost x years after 1990 of what cost $10,000 in 1984.
Use these models to solve Exercises 69 – 74.
Which model is a better description for the cost in 2013 of what cost $10,000 in 1984?
Does this model underestimate or overestimate the cost shown by the graph? By how much?
Want to see the full answer?
Check out a sample textbook solutionChapter 1 Solutions
Intermediate Algebra for College Students (7th Edition)
- Sales Barnes & Noble had annual sales of $6.8 billion in 2013 and $6.1 billion in 2015. Use the Midpoint Formula to estimate the sales in 2014. Assume that the annual sales followed a linear pattern.arrow_forwardMortgage Rates The following table is taken from the website of Freddie Mac. It shows rates for 30-year fixed-rate mortgages since 1970. y=Year r=Mortgagerate 1975 9.05 1980 13.74 1985 12.43 1990 10.13 1995 7.93 2000 8.05 2005 5.87 2010 4.69 2015 3.84 a. Explain in practical terms the meaning of r(2003). b. Use the table to estimate the value of r(2003).arrow_forwardA family bought a family ticket to a circus for $150, scheduled for September 2023 in Toowoomba. (a) If refreshments at the venue cost $6 each, create a formula that connects the total cost of their evening to the number of refreshments consumed. Define the variables you used. (b) Create a table of values that shows the relationship between the overall cost to the number of refreshments consumed. (c) Plot the relationship on a graph. Make sure to include a title and label the axes appropriately. (d) If the family has a total budget of $210, use your graph to determine the maximum number of refreshments they can purchase.arrow_forward
- Solve the problem. The graph shows the average cost of a barrel of crude oil for the years 1981 to 1990 in constant 1996 dollars. Find the approximate average change in price from 1981 to 1985. 1996 $/Barrel 1931 1934 1990 Year O About -$4/year O About -$16/year O About -$8/year O About -$37/year. ASUS 近arrow_forwardThe bar graph gives the average atmospheric concentration of carbon dioxide. a. Estimate the yearly increase in the average atmospheric concentration of carbon dioxide. Express the answer in parts per million. b. Write a mathematical model that estimates the average atmospheric concentration of carbon dioxide, C, in parts per million, x years after 1950. c. If the trend shown by the data continues, use your mathematical model from part (b) to project the average atmospheric concentration of carbon dioxide in 2030. Average Atmospheric Concentration of Carbon Dioxide 500- 314 320 329 341 354 368 389 397 300- 400- 200- 100- 19501960 197019801990200020102015 a. The yearly increase in the average atmospheric concentration of carbon dioxide is approximately ppm per year. (Round to the nearest tenth as needed.) b. A mathematical model that estimates the average atmospheric concentration of carbon dioxide, C, in parts per million, x years after 1950 is C = (Use integers or decimals for any…arrow_forwardPls help. Pls do all parts pls i beg.arrow_forward
- Determine whether statement makes sense or does not make sense, and explain your reasoning.My mathematical model describes the data for tuition and fees at public four-year colleges for the past ten years extremely well, so it will serve as an accurate prediction for the cost of public colleges in 2050.arrow_forwardShould this table be a linear, quadratic or exponential graph?arrow_forwardGive an example of a nominal variable for people in recovery for substance abusearrow_forward
- Should this table be graphed as linear, quadratic or exponential?arrow_forwardA house sells for $81528 at the end of 2010 and for $161637 at the end of 2017. If the market value increased linearly from 2010 through 2017, what was the annual rate of change of the market value?arrow_forwardRefine your table by calculating values of x that go up in increments of 100 between these two numbers. You can refine even further if you wish. x, number of books sold Income with publisher A, ($) A = Income with publisher B, ($) B = What is your best estimate for the number of books sold that make the plans equal? Use the numerical data above to graphically compare the incomes. Construct a graph to model both publishing plans on the same Cartesian Plane and attach it to this tutorial (you may use Excel or DESMOS if you wish). Which quantity is to plotted on which axis? Properly label and title your graph. What is your best estimate from your graph? Now solve the problem algebraically. You are solving a system of equations by substitution. Part C. Comment on the Process and Interpret the Results Are the solutions you obtained numerically, graphically and algebraically consistent? What factors must the students consider when deciding between these two offers?arrow_forward
- Mathematics For Machine TechnologyAdvanced MathISBN:9781337798310Author:Peterson, John.Publisher:Cengage Learning,Functions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage LearningGlencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
- College AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage LearningTrigonometry (MindTap Course List)TrigonometryISBN:9781337278461Author:Ron LarsonPublisher:Cengage Learning