*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=1/4x+3
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1) What does the slope of 1/4
mean in context? Response area
2) What does the y-intercept (0, 3) mean in context? Response area
1) The slope of 1/4 means that for every unit sold, the revenue increases by 0.25 million dollars.
2) The y-intercept (0, 3) means that when no units are sold, the revenue is 3 million dollars.
The first answer isnt an option
I apologize for the confusion. In this case, the slope of 1/4 means that for every 4 units sold, the revenue increases by 1 million dollars.
1) The slope of 1/4 in this context means that for every increase of 1 unit in the number of units sold, the revenue increases by 1/4 million dollars. It indicates the rate of change of revenue with respect to the number of units sold.
To determine the slope of the line of best fit, you can choose two points on the line and use the formula: slope = (change in y)/(change in x).
2) The y-intercept (0, 3) in this context means that when no units are sold (x = 0), the revenue is 3 million dollars. It represents the starting point or the revenue achieved even before any units are sold.
To find the y-intercept, you can set the value of x to 0 in the equation of the line and solve for y.