Question

Suppose when the price of gasoline is $3.50 per gallon the total amount of gasoline purchased in the United States is 6 million barrels per day. When the price of gas decreases to $3 per gallon the total amount of gasoline purchased is 8 million barrels per day. Based on these numbers and using the midpoint formula the percentage change in price is:

Answer 1

Answer:

Slope is -.25 =

Minus 25%

Step-by-step explanation:

x1 y1  x2 y2

6 3.5  8 3

   

(Y2-Y1) (3)-(3.5)=   -0.5  ΔY -0.5

(X2-X1) (8)-(6)=    2  ΔX 2

   

slope= -  1/4    

B= 5          

   

Y =-0.25X +5    

Answer 2

The percentage change is -25% the price of fuel is decreased by 25%.

What is the equation of a line?

The equation of line is given as,

y = mx + c

Where m is the slope and c is the y-intercept.

Let the data is

x₁= 6 ,   y₁ = 3.5  

x₂ = 8 , y₂ =  3

Calculate the change,

(Y₂ -Y₁ ) = (3)-(3.5)

ΔY = -0.5

(X₂-X₁) = (8)-(6)

ΔX = 2

 

Calculate the slope,

Slope = ΔY/ ΔX

Slope = -0.5 / 2

Slope = - 1/4 = -0.25

The equation formed by using the above data is,

Y =-0.25X +5    

Therefore, the percentage change is -25% the price of fuel is decreased by 25%.

More about the equation of line link is given below.

https://brainly.com/question/21511618

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