Understanding Median Home Price Trends

The video tutorial explains how to analyze data on median home prices in Phoenix and Las Vegas from 1970 to 2000. It covers calculating the rate of change in home prices, predicting future prices using linear models, and determining when the prices in both cities will be equal. The tutorial uses mathematical concepts like slope and linear functions to solve these problems.

What years are the median home prices provided for in the data?

• 1990 and 2020

• 1980 and 2010

• 1960 and 1990

• 1970 and 2000

How do we determine the rate of change in median home prices?

• By multiplying the prices by the number of years

• By finding the average of the prices

• By subtracting the prices and dividing by the number of years

• By adding the prices and dividing by two

Which city has a higher rate of increase in median home prices?

• Phoenix

• Las Vegas

• Both have the same rate

• Neither city

What is the rate of increase in median home prices for Las Vegas?

• $2,520 per year

• $2,420 per year

• $2,320 per year

• $2,220 per year

What is the predicted median home price in Phoenix for the year 2020?

• $158,400

• $128,400

• $148,400

• $138,400

What is the slope used in the linear model for Phoenix's median home price?

• 2,220

• 2,120

• 2,320

• 2,420

What is the y-intercept for the linear model of Phoenix's median home price?

• 30,000

• 21,000

• 27,400

• 35,000

In what year will the median home prices be the same in Phoenix and Las Vegas?

• 2034

• 2024

• 2054

• 2044

What is the slope of the linear function for Las Vegas's median home price?

• 2,420

• 2,320

• 2,220

• 2,120

What is the y-intercept for the linear model of Las Vegas's median home price?

• 35,000

• 21,000

• 27,400

• 30,000