Question

Write an equation for the line of best fit that models the relationship between profit in thousands, p, and time in months, m. Then, use your equation to predict the profit the bagel shop will earn in month 12. Round slope and y-intercept to the nearest tenth.

Answer 1

This is much easier when you use a software like MS Excel. You have to list the points first. These are: (1,3), (2,2.5), (3,4), (4,5), (5,6.5), (6,5.5), (7,7), (8,6), (9,7.5), (10,7) and (11,9).

Do a scatter plot for this points and add a trend line and you obtain the equation of the line fit. The equation is p=0.6m+2.4

We use this equation to find p when m=12.

p = (0.6×12)+2.4
p = 9.6

Total profit in month 12 would be 9.6 thousand.