Question: On page 641 at the beginning of this chapter, we presented a graph showing the price per gallon of gasoline from 1990 until 2012. The

On page 641 at the beginning of this chapter, we presented a graph showing the price per gallon of gasoline from 1990 until 2012. The actual data for each year are given below.

Determine the trend line using both linear and nonlinear equations. Which would you suggest? Why? Based on your recommendation as the better equation, what cost per gallon would you estimate for 2013 and2014?

Year Cost/Gallon Year Cost/Gallon 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 $1.30 1.10 1.09 1.07 1.08 1.11 1.20 1.20 1.03 1.14 1.48 1.42 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 $1.35 1.56 1.85 2.27 2.57 2.80 3.25 2.35 2.78 3.52 3.62

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The linear trend line is 04709 01134t and the logarithmic trend line is 00854 00255t ... View full answer

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