CENGAGE | MINDTAP Refresh Your Math & Graphing Skills Ypsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the home that they purchased. (? 500 450 400 350 300 250 PRICE (Thousands of dollars per home) 200 150 100 50 O 20 30 80 90 100 0 10 40 50 60 70 INCOME (Thousands of dollars per year) 68108CENGAGE | MINDTAP Refresh Your Math & Graphing Skills 250 200 PRICE (Thousands of 150 100 50 0 10 20 30 40 50 60 70 80 90 100 INCOME (Thousands of dollars per year) The variable shown on the vertical axis is thousands of dollars per year The units for the variable on the horizontal axis are income There are two ways to view the information presented on the graph. First, the graph tells us the amount a person with a certain income is likely to spend on a home, and second, it tells us the probable income of a person who spent a certain amount on a home. For example, if an individual earned $50,000 last year and purchased a new home, you would expect that person to have paid about for the home. Similarly, if someone just paid $250,000 for a home, you could use this graph to estimate that this person's income was probably around Grade It Now Save & Continue Continue without saving