*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
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1) What does the slope of 1/4
mean in context?
2) What does the y-intercept (0, 3) mean in context?
1) The slope of 14 represents the rate of change for revenue with respect to units sold. This means that for every additional unit sold, the revenue increases by $14 million.
2) The y-intercept (0, 3) represents the revenue when no units are sold. In this context, it means that even without any units sold, the company still has a revenue of $3 million.