Question

In 1960, the average cost of a standard automobile was $1,100. Currently, the cost of a standard automobile in 2020 is $33,500. What is the average cost of an automobile a person can expect to pay in the year 2030 if the cost is assumed to increase in a linear fashion?  

Answer 1

and Cx2, Y2) = ( 2020, 3350o) Here the standard cost in 1960 is $ 1100 2020 it is $ 33,500 since it is increasing in linear Fashion we will use equation of line passing through two points (This will give us linear equation) C26,9). Here let ac represent year and y se represent cost of standard automobile, then know equation of line iso, through 0 (x, y,) and (X.2, 92) is given by, Eq. or line =) a 2-4 N2-X, 4,-9 X, -20 Hese, (X,Y) (1960, 1100), ve so, equation of required line is, ₂-4, 22-201 gives, Son Yi-Y x - 0 = 33500 - 1100 =) 2020-1960 1960 - x 1100 - y

=) 32400 1100 - y 1960-х 32400 C 1960-x) 60 C1100 - y) 58001 2) 540 (1960-x) = c 1100 - 9 1058400 - 54026 = 1100 - y =) 5402C - Y - 1057 300 30 is required equation or line Now to find y when 0 = 2030 So, x substituting x= 2.030 in garen estation Loe above equation we get, 540 (2030) - y - 1057300 1096200 - 10 57300 = y 38900 =y =) :. In y = 38900 2030 the average the average cost of automobile person expect to pay is is $ 38900.