What is the slope mean in context of the problem? Y-intercept?
Imagine in a table. also ignore the random numbers after 3.4 (they are the 40,50, etc.)
(x) - 30,40,50,60,70
Percent of Budget Spent on Entertainment(y)- 6.1, 6.0, 5.4, 4.7, 3.4
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The equation of the line of best fit is of the form y=mx+b.
A graphing utility gives the line of best fit as y=-.067x+8.47
Here the slope is -.067 and indicates that the percentage spent on entertainment drops about 2/3 of a percent per decade, or .067 percent per year.
The y-intercept is an extrapolation indicating that we start out life averaging 8.47% spent on entertainment. This is probably meaningless, as infants do not budget.
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