Question
The line graph above shows the average price of one metric ton of oranges, in dollars, for each of seven months in 2014.
In 2014, the average price of one metric ton of
oranges decreased by 2.36% from January (not
shown) to February. Which of the following is closest
to the price of one metric ton of oranges in
January 2014?
- 700
- 770
- 790
- 830
Hint:
Hint:
The graph gives the average price on one metric ton of oranges for
seven months starting from February. We need find the average
price on one metric ton of oranges for January. We are given a
condition in the question and we use it to find the required value
The term ‘ decreased by 2.36%’ means that the average price
reduced in February by 2.36% of the average price in January.
The correct answer is: 790
Let the average price of one metric ton of oranges in January be x$.
From the graph, we have
Approximate average price of one metric ton of oranges in February=776$
It is given that the average price of one metric ton of oranges decreased by 2.36% from January to February.
So, according to the given condition
Rewriting the above equation, we have
Multiplying throughout with 100, we get
Simplifying, we have
Dividing both sides by 96.64 , we have
Thus, we get
Approximate average price of one metric ton of oranges in January=794.76 $
From the options, it can be seen that 790 is closest to 794.76
Thus, the correct option is C)
Note:
Interpreting the condition given in the question and forming the equation is a crucial part of this problem.
To find the closest value to 794.76, we need to find the difference between 794.76 and the numbers given in the options, and choose the minimum one to get the closest value
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Note:
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Note:
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Note:
A simpler way of solving this question is to check where the decrease in the graph has the steepest slope between two months. It is clearly between the months June and July. Here, it is obvious; but that may not be the case in other problems. So, we need to always calculate the actual decrease in the value.
The line graph above shows the average price of one metric ton of oranges, in dollars, for each of seven months in 2014.
Between which two consecutive months shown did the average price of one metric ton of oranges decrease the most?
Note:
A simpler way of solving this question is to check where the decrease in the graph has the steepest slope between two months. It is clearly between the months June and July. Here, it is obvious; but that may not be the case in other problems. So, we need to always calculate the actual decrease in the value.
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Note:
A line of best fit is also called a trendline. The equation of a line of best fit can be represented as y = m x + b , where m is the slope and b is the y-intercept. This is the equation of a line. It is a line that minimizes the distance of the actual homeruns from the predicted homeruns.
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Note:
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