2. The average annual salaries y of major league
baseball players (in thousands of dollars)
from 1983 to 1992
are given as ordered pairs (t,y), where t is
the time in years, with
t = 0 corresponding to 1980.
The ordered pairs are (3, 289), (4,329), (5,371),
(6,413), (7,412), (8,439),(9,497), (10,598),
(11, 851), and (12, 1029).
a. Use the regression capabilities of
a graphing utility to find the regression line.
b. Use a graphing utility to plot the
points and graph the regression line in the same
viewing rectangle.
c. Use the regression line to predict
the average salary in the year 2000.
d. Interpret the meaning of the slope
of the regression line.
3. A real estate office handles an apartment complex with 50
units. When the rent per unit
is $580 per month, all 50
units are occupied. However, when the rent is $625
per
month, the average number of occupied units
drops to 47. Assume that the
relationship between the monthly rent p
and the demand x is linear.
a. Write the equation of the line giving
the demand x in terms of the rent p.
b. Use a graphing utility to graph the
demand equation and use the trace feature to
predict the
number of units occupied if the rent is raised to $655.
c. Use the demand equation to predict
the number of units occupied if the rent is
lowered to $595.
Verify graphically.
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