Statistics Solutions

(See Solution) In 2006, the median price of an existing home in some country was approximately $225,550. In 2001 , the median price of an existing home was $153.300.

Question: In 2006, the median price of an existing home in some country was approximately $225,550. In 2001 , the median price of an existing home was $153.300. Let y be the median price of an existing home in the year x, where x = 0 represents 2001.

  1. Write a linear equation that models the median existing home price in terms of the year x.
  2. Use this equation to predict the median existing home price for the year 2010.
  3. Interpret the slope of the equation found in part a.

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