The correct interpretation of the slope and y-intercept of the equation \( y = 1.50x + 20 \) is:
- The slope (1.50) means that for every phone assembled (not for every 20), you receive $1.50. In other words, your earnings increase by $1.50 for each additional phone you assemble.
- The y-intercept (20) means that you receive $20 a day regardless of the number of phones produced. This is your base pay for working, regardless of productivity.
So the third option is the correct response:
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.