Chapter 8.9, Problem 13STP

To determine

To calculate: To find which statement best describes the relationship shown on the scatter plot

Answer to Problem 13STP

The amount of money in circulation per person increased over time

Explanation of Solution

Given information: Scatter plot showing how much money is in circulation per person in the Unites States in different years

  

Formula Used:

Equation of line passing through two points is given as

  $y-y_2=\frac{y_2-y_1}{x_2-x_1}\left(x-x_2\right)$

Calculation:

Scatter plot is given as follows:

  

Points on the line from graph are as follows:

  $\left(2001,2122\right)$ and $\left(2006,2665\right)$

Equation of line passing through the above points is calculated as follows:

  $\begin{array}{l}y-2122=\frac{2665-2122}{2006-2001}\left(x-2001\right)\\ y-2122=\frac{543}{5}\left(x-2001\right)\\ 5y-10610=543x-1086543\\ y=\frac{543}{5}x-\frac{1075933}{5}\end{array}$

By comparing the above equation with slope intercept form of line,

  $Slope,m=\frac{543}{5}$

Since slope is positive, this means that amount of money in circulation per person increased over time

Conclusion:

Hence, the statement that best describes the relationship is “The amount of money in circulation per person increased over time”