*The y-axis is revenue in millions and the x-axis is units sold.
An equation for the line of best fit of the graph below could be: y=14x+3
Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.
1) What does the slope of 14
mean in context? Response area
2) What does the y-intercept (0, 3) mean in context? Response area
1) The slope of 14 means that for every increase of one unit sold, the revenue increases by 14 million.
2) The y-intercept (0, 3) means that even if no units are sold, there would still be a revenue of 3 million.
1) The slope of 14 means that for every 1 unit increase in the number of units sold, the revenue increases by $14 million.
2) The y-intercept (0, 3) means that when no units are sold, the revenue is $3 million.
1) The slope of 14 in the context of the line of best fit equation y=14x+3 means that for each additional unit sold (x-value), the revenue (y-value) increases by 14 million dollars. This indicates that there is a positive correlation between the number of units sold and the revenue generated.
To calculate the slope, you can choose any two points on the line of best fit and use the formula:
slope = (change in y) / (change in x)
For example, if we select two points (1, 17) and (2, 31) that lie on the line, the slope can be calculated as:
slope = (31-17) / (2-1) = 14/1 = 14
So the slope of 14 represents the rate of change in revenue for each unit sold.
2) The y-intercept of (0, 3) in the context of the line of best fit equation y=14x+3 means that when no units are sold (x=0), there is still a revenue of 3 million dollars.
In other words, the y-intercept represents the starting point or the revenue generated even when no units are sold. This can be due to fixed costs or other factors contributing to revenue even in the absence of sales.
To find the y-intercept, you can look at the point where the line of best fit intersects the y-axis, which is when x=0. In this case, the y-value is 3, giving us the y-intercept of (0, 3).