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Mrs. Sloane and Mr. Walton from Hampton Middle School are discussing how to calculate the slope or rate of change from a table of values. They explain that slope, denoted as M, is the change in Y over the change in X. By identifying patterns in the Y values, they determine that the change in Y is 2 each time. Similarly, they observe that the X values are increasing by 3 each time. This allows them to calculate the slope or rate of change effectively.