Median Sale Price The median sale price p (in thousands of dollars) of an existing one-family home in the United States from 2002 through 2014 (see figure) can be approximated by the model p t = 0.757 t 2 + 20.80 t + 127.2 , 2 ≤ t ≤ 6 3.879 t 2 + 82.50 t + 605.8 , 7 ≤ t ≤ 11 − 4.171 t 2 + 124.34 t − 714.2 , 12 ≤ t ≤ 14 where t represents the year, with t = 2 corresponding to 2002 . Use this model to find the median sale price of an existing one-family home in each year from 2002 through 2014 .
Median Sale Price The median sale price p (in thousands of dollars) of an existing one-family home in the United States from 2002 through 2014 (see figure) can be approximated by the model p t = 0.757 t 2 + 20.80 t + 127.2 , 2 ≤ t ≤ 6 3.879 t 2 + 82.50 t + 605.8 , 7 ≤ t ≤ 11 − 4.171 t 2 + 124.34 t − 714.2 , 12 ≤ t ≤ 14 where t represents the year, with t = 2 corresponding to 2002 . Use this model to find the median sale price of an existing one-family home in each year from 2002 through 2014 .
Solution Summary: The author explains the median sale price of an existing one-family home in the United States from 2002 through 2014, which is given by p(t)= left
Median Sale Price The median sale price p (in thousands of dollars) of an existing one-family home in the United States from
2002
through
2014
(see figure) can be approximated by the model
p
t
=
0.757
t
2
+
20.80
t
+
127.2
,
2
≤
t
≤
6
3.879
t
2
+
82.50
t
+
605.8
,
7
≤
t
≤
11
−
4.171
t
2
+
124.34
t
−
714.2
,
12
≤
t
≤
14
where
t
represents the year, with
t
=
2
corresponding to
2002
. Use this model to find the median sale price of an existing one-family home in each year from
2002
through
2014
.
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