Find the Slope Then Describe What It Means in Terms

question 117

Multiple Choice

Find the slope then describe what it means in terms of the rate of change of the dependent variable per unit change in the independent variable.
-The linear function f(x) = -5.3x + 21 models the percentage of people, f(x) , who eat at fast food restaurants each week x years after 1998.

• A) m = 5.3; the percentage of people eating at fast food restaurants each week has increased at a rate of 5.3% per year after 1998.
• B) m = 21; the percentage of people eating at fast food restaurants each week has increased at a rate of -5.3% per year after 1998.
• C) m = 5.3; the percentage of people eating at fast food restaurants each week has increased at a rate of -5.3% per year after 1998.
• D) m = -5.3; the percentage of people eating at fast food restaurants each week has decreased at a rate of -5.3% per year after 1998.

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Definitions:

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.

Market Price

The price at which goods are bought and sold in a competitive marketplace, constantly influenced by supply and demand.

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit costs and opportunity costs, indicating the firm's financial performance beyond breaking even.

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by the forces of supply and demand.