Answer: If we assume the production and cost are in a linear relationship, we can use the formula: c = 0.3p + 3000.
To start, we need to find the slope between the two given data points.
(20000, 9000) and (14000, 7200)
Using rise over run, we get 1800 over 6000, meaning the costs went up $1800 with a $6000 raise in production. This gives us a slope of 0.3.
Now, we have the equation, c = 0.3p + b. Input either of the points and solve for b, you will get a b value of 3000.
