Example 1

The following graph shows a linear model that approximates the relationship between the size of a home and how much it costs. The x-axis represents size in square feet, and the y-axis represents cost in dollars. Calculate the slope and the y-intercept of the linear model, and describe what these values mean in terms of housing prices.
  1. Find the equation of the linear fit.
  2. Determine the units of the slope.
  3. Describe what the slope means in context.
  4. Determine the units of the y-intercept.
  5. Describe what the y-intercept means in context.
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