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The general notation of a linear equation is Y = mx + b, Where, m = slope b = y-intercept. It is worth noting that this formula or notation holds true for all lines that are not parallel to the y-axis. A vertical line is represented by the equation X=a. In cost out put relationship, b is the fixed cost, and m is the marginal cost.
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Some real-life problems can be modeled using linear equations. Now that we know how to find the slope of a line, the equation of a line, and the point of intersection of two lines, we will apply these concepts to different types of linear applications. An asset is an item owned that has value.
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How do we find "m" and "b"? b is easy: just see where the line crosses the Y axis. b = 1 (value of y when x=0) Putting that into y = mx + b gets us: With that equation we can now ... ... choose any value for x and find the matching value for y. For example, when x is 1: y = 2×1 + 1 = 3. So when x=1 we have y=3.
