The correct interpretation of the slope and y-intercept for the equation \( y = 1.50x + 20 \) is:
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The slope (1.50) means that for every phone assembled (\(x\)), you receive an additional $1.50. So, for every phone you assemble, your pay increases by $1.50.
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The y-intercept (20) means that you receive a base pay of $20 a day regardless of the number of phones you produce. This is your guaranteed daily pay.
So, the correct option to select would be:
"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."