Solve the Problem Find the Slope of the Line of Best Fit for Employees

question 273

Essay

Solve the problem.
-The following data represents the number of employees at a company at the start of each year since the company
began. $$\begin{array} { l | l c c c c c c } \text { month } & 1 & 2 & 3 & 4 & 5 & 6 & 7 \\\hline \text { number } & 3 & 172 & 403 & 571 & 823 & 1061 & 1194\end{array}$$ Find the slope of the line of best fit for the data set and interpret it.

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Definitions:

Break Even

The point at which total costs and total revenue are equal, resulting in no net loss or gain for a business.

Selling Price

The amount of money for which a product or service is sold to customers.

Raw Materials

The basic materials from which products are made, typically unprocessed or minimally processed before being used in manufacturing processes.

Contribution Margin

The difference between sales revenue and variable costs, indicating how much revenue contributes to covering fixed costs.