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The text explains how to find the equation of a graph in the form of y=mx+b, where m is the slope and b is the y-intercept. The process involves identifying the y-intercept, which is where the graph crosses the y-axis, and determining the slope using a slope triangle. In the example provided, the y-intercept is 2, and the slope is calculated using a slope triangle. This approach allows for the accurate representation of the graph's equation.