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Profit vs. Production Volume Line of Fit

Algebra · Algebra 1 · Big Ideas Math · Ron Larson · Chapter 4-

Course: Algebra Book: Algebra 1 · Big Ideas Math · Ron Larson Chapter: Chapter 4-

Question

Question:
A manufacturing company tracks its monthly profit in thousands of dollars based on the number of units produced in hundreds. The data is as follows: when 10 hundred units are produced, the monthly profit is 5 thousand dollars; 15 hundred units gives 12 thousand dollars profit; 20 hundred units gives 18 thousand dollars; 25 hundred units gives 26 thousand dollars; 30 hundred units gives 32 thousand dollars; and 35 hundred units gives 40 thousand dollars. Part a: Plot the data points on a coordinate grid. Part b: Use two points on or near your trend line to find the slope. Part c: Write the equation of the line of best fit. Part d: Interpret the slope in context — what does it tell you about the company's profit per 100 units produced? Part e: If the company produces 4000 units, predict the monthly profit.

Profit vs. Production Volume Line of Fit

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