C(t) = 50.25t + 228.75
The average cost per square foot, in dollars, of a condominium in City X can be modeled by the function C defined above, where t is the number of years after 2001 and 0 ≤ t ≤ 8. In the function, what does the number 50.25 represent?

The correct answer is: The approximate increase in the average cost per square foot, in dollars, of a condominium for each additional year after 2001

Hint:
The concept used in this question is concept of functions.
Functions are relations where for each input there is particular output.
Functions are represented by f(x).
In order to get value of function for particular value, put value in place of variable.
Step by step explanation: 
Given:
Function: C(t) = 50.25t + 228.75
C(t) = average cost per square foot, in dollars.
t is the number of years after 2001 and 0 ≤ t ≤ 8.
Step 1:
As we clearly see that, the above function is similar to y = mx + c
Where y is y-coordinate, x is x-coordinate and c is the y-intercept (the point at which the line crosses the y-axis).
Step 2:
compare C(t) = 50.25t + 228.75 with y = mx + c.
so, we will get
⇒ C(t) = y
m = 50.25 and
c = 228.25
Step 3:
We know that, slope is given
Slope = 
So, in the given function slope will give increase in the average cost per square foot for each year after 2001.
Step 4:
As 50.25 is slope of function C(t) = 50.25t + 228.75.
Hence, the 50.25 is the approximate increase in the average cost per square foot, in dollars, of a condominium for each additional year after 2001.