Farmland Prices. The average price of an averagequalityacre of farmland has increased
Chapter 5, Problem 33(choose chapter or problem)
Farmland Prices. The average price of an averagequalityacre of farmland has increased over $2000 in the last ten years. The table below liststhe price of an acre of average-quality farmlandin selected years.Year, xPrice of an Acre ofAverage-Quality Farmland2000, 0 $21502004, 4 26922005, 5 29452006, 6 31622007, 7 36882008, 8 42402009, 9 41882010, 10 4270Source of data: The Indianapolis Star ; Purdue UniversityDepartment of Agricultural Economicsa) Use a graphing calculator to model the datawith an exponential function, where x is thenumber of years since 2000.b) Use the function found in part (a) to estimatethe price per acre of average-quality farmlandin 2012 and in 2015.c) In what year will the price per acre of averagequalityfarmland exceed $7300?
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