Using this equation, determine how much more the actual 2005 gas price was than the predicted gas price if the actual mid-September gas price for the year 2005 was $2.956.

Question

The mid-September statewide average gas prices, in dollars per gallon (y), for the year since 2000 (x), are given in the table below.

Year Since 2000 (x): | Price Per Gallon (y)

1 | 1.345

2 | 1.408

3 | 1.537

4 | 1.58

Using this equation, determine how much more the actual 2005 gas price was than the predicted gas price if the actual mid-September gas price for the year 2005 was $2.956.

*Enter only the numeric value in proper monetary form

Answer 1

Using the Stat Plot technique on your TI calculator,

it derives the linear equation because the line is fairly linear, viewing the graph,

of y = 0.085X + 1.255 for the price of gas.

For the 5th year, i.e. X=5

y = $2.956

then $2.956 -1.68 = $1.276 more than predicted....