RAW SUGAR PRICES IN NEW YORK FIRST SECTION

Raw Sugar Prices in New York first section



Raw Sugar Prices in New York first section

Enter your data into Excel letting x=1 be the starting year, and find a linear equation that models the data (add trend line in Excel). Call this equation Y1 and include the EMBED Equation.3 value. Print your graph with labeled axes, and include the graph in your report.

The linear equation that models the data is y1 = 0.164x + 0.694, in which x represents the year and y represents the dollar price for the raw sugar in New York.

What are the units for the slope? Interpret the slope of this line for your data set.

The unit for the slope is change in price in dollar per year time. Given that the x axis represents the time line in years and the Y axis represents the change in dollar price over the years.

The slope of the line is 0.164 which means that for an increase in each year the average change in price would have an incremental effect of 0.164.

Using the data values, calculate the slope between each pair of points. Calculate the average rate of change for the entire data set. (This can all be done in Excel and printed, stapled to this worksheet.) State the average rate of change here. How does this compare to the rate of change in your first equation?

Years

Price

Slopes

1

1

0.2

2

1.2

0.3

3

1.5

0

4

1.5

0.1

5

1.6

-0.1

6

1.5

0.2

7

1.7

0.3

8

2

0.1

9

2.1

0.4

10

2.5

-0.1

11

2.4

0.2

12

2.6

0.2

13

2.8

0.2

14

3

0.4

15

3.4

-0.2

16

3.2

-0.2

17

3

0.1

18

3.1

0.1

19

3.2

0.1

20

3.3

0.7

21

4

1

22

5

-0.2

23

4.8

0.7

24

5.5

-0.5

25

5

The average rate of change in the slope for the data is 0.166.

The average slope for the first linear equation is 0.167 and the slope which was calculated manually is 0.166667 which does not show much difference. There is only a slight difference of 0.003.

Make a linear equation for your data using the average rate of change from #3 and the ...