00:03
In this problem, we're given information about the median price of homes in the u .s.
00:09
As a function of time, where time is the number of years since the year 2001.
00:14
And we're told that in 2001, the median price was 150 ,900.
00:19
And in 2006, it was 22 ,000.
00:24
And so i've put those in ordered pairs.
00:26
And what we want to do with that is find the equation of the line that models the data.
00:31
So we'll start by finding the slope.
00:34
And the change in y would be 222 ,000 minus 150 ,900 over the change in x, 5 minus zero.
00:45
And that gives us 100, or that gives us 14 ,220 for the slope.
00:52
Now we also want the y intercept.
00:54
And one of our ordered pairs here can serve as a y intercept since its x coordinate is zero.
01:00
So if we use the slope intercept form, y equals mx plus b, we can substitute our slope in for m and our y intercept in for b...