Step 1 :The initial price of the item is the price at time t=0. We can find this by substituting t=0 into the given function: \(p(0)=1500(1.019)^{0}\).
Step 2 :The function represents growth if the base of the exponent (1.019) is greater than 1, and decay if it is less than 1. In this case, the base is greater than 1, so the function represents growth.
Step 3 :The percent change each year is represented by the base of the exponent minus 1, multiplied by 100. So, \((1.019-1)*100\) gives the percent change each year.
Step 4 :Final Answer: The initial price of the item is \(\boxed{1500}\) dollars. The function represents growth. The price changes by approximately \(\boxed{1.9\%}\) each year.