
David W. answered 08/09/15
Tutor
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Experienced Prof
This contrived problem is neither a linear programming problem nor an appropriate use of estimating techniques (since the curve is clearly far from linear). (But it is a SWAG) So, let’s assume a different subject so we can concentrate on the math. Given:
At x=0 y=3.4M This is point P0: (0,3.4)
At x=5 y=42.8M This is point P1: (5,42.8)
(a) The formula for a line when given two points is:
(y – y0)(x1 – x0) = (y1 – y0)(x –x0)
So,
(y-3.4)(5-0) = (42.8-3.4)(x-0)
5y = 39.4x + 17.0 (collect terms)
y = 7.88x + 3.4 (divide by 5)
(b) In 2024, the value is x=15. Calculate y:
y = 7.88(15) + 3.4
y = 121.6
(c) The slope is (y2 – y1) / (x2 – x1)
= (42.8 – 3.4) / (5 – 0)
= 39.4 / 5
= 7.88 million per year
At x=0 y=3.4M This is point P0: (0,3.4)
At x=5 y=42.8M This is point P1: (5,42.8)
(a) The formula for a line when given two points is:
(y – y0)(x1 – x0) = (y1 – y0)(x –x0)
So,
(y-3.4)(5-0) = (42.8-3.4)(x-0)
5y = 39.4x + 17.0 (collect terms)
y = 7.88x + 3.4 (divide by 5)
(b) In 2024, the value is x=15. Calculate y:
y = 7.88(15) + 3.4
y = 121.6
(c) The slope is (y2 – y1) / (x2 – x1)
= (42.8 – 3.4) / (5 – 0)
= 39.4 / 5
= 7.88 million per year