The correct interpretation of the slope and y-intercept of the equation \(y = 1.50x + 20\) is as follows:
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Slope (1.50): This means that for every phone assembled (represented by \(x\)), you receive an additional $1.50. So, the slope indicates the amount of money you earn per phone assembled.
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Y-intercept (20): This means that you receive $20 a day, regardless of the number of phones produced (when \(x = 0\)). The y-intercept represents your base daily pay.
So the best response from the provided options is:
The slope means that, for every phone assembled, you receive $1.50. The y-intercept means that you receive $20 a day regardless of the number of phones produced.