Use a Graphing Utility to Find the Equation of the Line

question 243

Multiple Choice

Use a graphing utility to find the equation of the line of best fit. Round to two decimal places, if necessary.
- $\begin{array}{l|ccccc}x & 3 & 5 & 7 & 15 & 16 \\\hline y & 8 & 11 & 7 & 14 & 20\end{array}$

• A) \(y = 0.95 x + 3.07\)
• B) \(y = 0.75 x + 5.07\)
• C) \(y = 0.85 x + 3.07\)
• D) \(y = 0.75 x + 4.07\)

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Definitions:

Economic Profit

Economic profit is the surplus obtained after subtracting both the explicit and implicit costs from total revenues, emphasizing the opportunity costs of resources used.

Economic Loss

A decrease in monetary value, wealth, or resources, especially as a result of business activities or market factors.

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of the industry for that good.

Quantity Supplied

The amount of a good or service that producers are willing to sell at a given price over a certain period of time.