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Question 1 The costs and output of a factory in the last six months were as...

Question 1

The costs and output of a factory in the last six months were as follows:

Month                                                Output 000’s (x)                              Costs 000’s (y)

July                                                     36                                                        700

August                                               28                                                        500

September                                        32                                                        660

October                                              40                                                        800

November                                          38                                                        790

December                                          24                                                        440

Required:

  1. Plot the data above on a scatter graph and indicate the line of best fit.
  2. Calculate the fixed and variable costs using the least squares method and state the regression equation.
Math   Statistics-And-Probability   
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