Step 3 Defining your variables 2 pts Identify your

Last updated: 10/23/2023

Step 3 Defining your variables 2 pts Identify your independent and dependent variables using appropriate symbols to state them Let the independent variable represents the time in years and the dependent variable represents the cost in dollars variable T time years Independen Dependent variable P Dollars Step 4 Average rate of Change 4 pts Compute the average rate of change per year of the cost over each time period Just fill in the result don t show the calculation X Time Line Price dollars Y 1970 0 20 1980 0 50 2003 2 00 2009 2 25 2013 2 50 2015 2 75 2009 2013 10159 Average rate of change XXXXXXXXXXXXX t 0 0 03 0 06 5 00 4 6 0 12 Do these values suggest a linear trend Explain Yes because the table shows a Positive trend Over time as well as the rate of approximately the same slupe Change Step 5 Linear Modeling 6 pts Assuming that the trend is linear generate a linear model To make the calculation easier rescale the time values for 2009 through 2015 in the above table Let 2009 be the year 0 y axis X ans P dollars 2 25 2 50 2 75 S