Final answer:
The equation of the line of best fit is y = 1.165x + 0.383. Each item requires about 3 minutes of production time.
Step-by-step explanation:
The equation of the line of best fit is y = 1.165x + 0.383, rounded to three decimal places. This means that for every increase in x by 1 unit, y increases by 1.165 units. The y-intercept, which is the value of y when x is 0, is 0.383.
Based on the line of best fit, the statement 'each item requires about 3 minutes of production time' is true. This can be concluded from the y-intercept, which represents the time needed to warm up the machinery before producing any items.