Finding the National Average Price for Gas

These first few questions will require you to use the internet to search for the national average price for gas. Remember to use a scholarly site for information. List the website(s) you visited here:

http://www.eia.gov/tools/faqs/faq.cfm?id=287&t=10(2 points): What was the average price of a gallon of gas 1 year from when your business math class started? I am confused with this question; my class began in August 2014 so 1 year from then will be 2015 so I have to go to the projected gasoline prices which for a gallon of gasoline are projected to be \$ 3.38 as compared to \$ 3.48 in 2014 down 10 cents a gallon. (5 points): You have \$50 on hand and need to buy gas. How many gallons of gas can you buy (using the value you reported in Question 1.) @ \$ 3.38 per gal. I would be able to purchase 14 gallons for \$ 47.32 leaving \$ 2.68 from the original \$ 50.00. \$ 3.38 x 14 = \$ 47.32. 3. (5 points): If gas prices were to drop 10% from the current price, how much would a gallon of gas cost now?

Current price per gallon of gasoline is \$ 3.50 so a gallon would drop from 3.50 to \$ 3.15 per gallon a drop of 35 cents per gallon which is 10% of \$3.50. 4. (5 points): Using the average for 1 year ago, and the average for 6 months ago, calculate the percent increase or decrease in the price of a gallon of gas over that 6 month time span. The average price per gallon of gasoline in the U.S 6 months ago May, 2014 was\$ 3.66, the average price 1 year ago Oct. 2013 was \$ 3.27, = ((3.66 – 3.27) / |3.27|) * 100 = (0.39 / 3.27) * 100 = 0.119266 * 100 = 11.9266% change = 11.9266% increase

Finding the National Average for Food for One Person

Questions 5, 6, and 7 will require you to search for the national average for food for one person. Remember to use a scholarly site for information. List the website(s) you visited here: http://www.cnpp.usda.gov/sites/default/files/CostofFoodAug2014.pdf5. (3 points): What was the national average for food for a month for one person, one year ago from the date the class started? Use the average for a 35-year-old male, and if multiple figures are given for that gender and age, use the highest number. \$364.90 6. (5 points): If this person lives in a state with a 7% sales tax on all food purchases, how much will they need to spend on food for one year? \$4,685.28

7% of 364.90 = 25.54 + 364.90 = 390.44 x 12 = \$4,685.28 7. (5 points): Create an equation you could use to calculate the cost one person spends on food for a year (assume no tax on the food), using this site. Your equation must work for any age range, and any gender now. I went with the highest (liberal) cost for a single person per month which is \$373.10 per month 373.10 x 12 = \$ 4472.20 for one year’s food supply cost, I hope I understood this question correctly.

Essay Question (15 points)

8. Using the internet, find a website where a linear equation is used. Using that website as a source, write a ¾ – 1 page essay response in which you discuss how the equation was used, if it was used correctly, and what solutions to the equation mean (in other words, why are you using the equation in the first place? What is the solution supposed to tell you once you find it).

Requirements for essay

Write your essay in this document – do not save it in a separate file. You must clearly state your position with well-structured paragraphs using proper grammar, spelling, and sentence structure. This is not an “opinion” question – you must offer evidence to support your position, using properly cited sources. Your answer must be between ¾-1 page in length.

You must cite and reference at least one source (book, website, periodical) using APA format. The required website counts as one source. You may submit your Assignments to the Math Center for review. Tutors will not grade or correct the Assignment, but they will provide guidance for improvement. Tutors will not, however, help you find web sites for the Assignment. Be sure to submit Assignments early enough to receive feedback and make corrections before the Assignment due date (24 hour turn-around times Monday-Thursday and 48 hour turn-around times on weekends are typical). Email Assignments to: kumc@kaplan.edu. Please put “MM255 Assignment Review” in the subject line of the message.

Thomas Doyle

Unit 2 assignment Essay
MM255 Business Math and Statistical Measures

If you’ve ever doubled a favorite recipe, you’ve applied a linear equation. If one cake equals 1/2 cup of butter, 2 cups of flour, 3/4 tsp. of baking powder, three eggs and 1 cup of sugar and milk, then two cakes equal 1 cup of butter, 4 cups of flour, 1 1/2 tsp. of baking powder, six eggs and 2 cups of sugar and milk. To get twice the output, you put in twice the input. You might not have known you were using a linear equation, but that’s exactly what you did. http://classroom.synonym.com/real-life-functions-linear-equations-2608.htmlI use linear equations when I do my payroll, for example, If my foreman Chris works 2 hours at the rate of 20.00\$ per hour, X = the number of hours worked and y equals the hourly rate so Y = 20x or 40.00\$. I did not realize there were so many linear and nonlinear equations used in everyday life situations, they were always there I just never saw them for what they were. I use linear equations in the first example in order to increase the output and in the second to figure the correct payroll amount and these are the exact results I achieved.

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