The ordered pair \((4, 164.16)\) on the graph indicates that when you purchase 4 pounds of sliced cheddar cheese, the total cost is $164.16.
In general, the first component of the ordered pair represents the weight of the cheese in pounds (in this case, 4 pounds), and the second component represents the total cost in dollars (in this case, $164.16). Thus, this point reflects a specific transaction or relationship between the amount of cheese purchased and its cost.