Question
use the figure, which shows the median sales prices of existing one-family homes sold (in thousands of dollars) in the United States from 1990 through 2005.Estimate the percent increases in the value of existing one-family homes (a) from 1993 to 1994 and (b) from 2003 to 2004.
Step 1
The formula for percent increase is: \[ \text{{Percent Increase}} = \frac{{\text{{New Value}} - \text{{Old Value}}}}{{\text{{Old Value}}}} \times 100 \] In this case, the new value is the price in 1994 and the old value is the price in 1993. From the chart, we Show more…
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use the figure, which shows the median sales prices of existing one-family homes sold (in thousands of dollars) in the United States from 1990 through 2005. Estimate the median sales price of existing one-family homes for each year. $$ \begin{array}{llll}{\text { (a) } 1990} & {\text { (b) } 1992} & {\text { (c) } 1997} & {\text { (d) } 2005}\end{array} $$
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Prices of Homes The median prices of a single-family home in the United States from 1990 to 2005 can be approximated by the formula $P(x)=8667 x+90,000$ where $x=0$ corresponds to 1990 and $x=15$ to 2005 (Source: National Association of Realtors.) (a) Interpret the slope of the graph of $P$. (b) Estimate the years when the median price range was from $\$ 142,000$ to $\$ 194,000$
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The median sales prices for new single-family houses for the years $2004-2007$ are as follows (Census Bureau website, March 19,2009 ).$$\begin{array}{lc} \text { Year } & \text { Price (\$1000s) } \\ 2004 & 221.0 \\ 2005 & 240.9 \\ 2006 & 246.5 \\ 2007 & 247.9 \end{array}$$ a. Use 2004 as the base year and develop a price index for new single-family homes over this four-year period. b. Use 2005 as the base year and develop a price index for new single-family homes over this four-year period.
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