When minimum wage was $1.60 a Big Mac cost 75 cents. When minimum wage rose to $10.20 the price of a Big Mac rose to $3.99 1.Write this information as two ordered pairs with minimum wage (W) as the independent variable and price of a Big Mac (B) as the dependent. (W, B)
2.Find the linear equation that gives the price of a Big Mac as a function of minimum wage. B(W) = mW + b. Round decimal approximations to 4 decimal points.
3.What is the numerical value of the slope?
4.What does the value of the slope mean with respect to the price of a Big Mac and minimum wage?
5.Find both intercepts.
6.What would be the cost of a Big Mac if minimum wage rises to $15 per hour?7.What would the minimum wage have been when Big Macs were $2.5