Question

An important application of regression in manufacturing is the estimation of cost of production. Based on...

An important application of regression in manufacturing is the estimation of cost of production. Based on DATA from Ajax Widgets relating cost (Y) to volume (X), what is the cost of producing 600 widgets?

Production Volume (units)

Total Cost ($)

400

5424

450

5657

550

5759

600

7294

700

7583

750

8603

425

5311

475

6093

575

6662

625

7380

725

7784

775

8588

A. 6954

B. 5206

C. None of answers are correct

D. 6312

E. 5826

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Regression line calculation are attached below.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
An important application of regression in manufacturing is the estimation of cost of production. Based on...
An important application of regression in manufacturing is the estimation of cost of production. Based on DATA from Ajax Widgets relating cost (Y) to volume (X), what is the cost per widget? DATA Production Volume (units)   Total Cost ($) 400 5424 450 5657 550 5759 600 7294 700 7583 750 8603 425 5311 475 6093 575 6662 625 7380 725 7784 775 8588
QUESTION 27 *REGRESSION-ESTIMATION AN IMPORTANT APPLICATION OF REGRESSION IN MANUFACTURING IS THE ESTIMATION OF COST OF...
QUESTION 27 *REGRESSION-ESTIMATION AN IMPORTANT APPLICATION OF REGRESSION IN MANUFACTURING IS THE ESTIMATION OF COST OF PRODUCTION. BASED ON DATA FROM AJAX WIDGETS RELATING COST (Y) TO VOLUME (X), WHAT IS THE COST PER WIDGET? Production Volume (units) Total Cost ($) 400 4688 450 4893 550 5957 600 6105 700 7111 750 7743 425 4983 475 5461 575 6136 625 6302 725 7538 775 7596
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume (units) Total Cost ($) 400 4,000 450 5,000 550 5,400 600 5,900 700 6,400...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume (units) Total Cost ($) 400 4,500 450 5,500 550 5,900 600 6,400 700 6,900...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume (units) Total Cost ($) 400 4,000 450 5,000 550 5,400 600 5,900 700 6,400...
An important application of regression analysis is the estimation of cost, particularly the effect of production...
An important application of regression analysis is the estimation of cost, particularly the effect of production volume on total cost. The following data come from a company which has kept track of production volume and total cost at several different levels of production. Production volume (units) Total cost ($) 400 4000 450 5000 550 5400 600 5900 700 6400 750 7000 Use these data to estimate a regression designed to capture the effect of production volume on the total cost....
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume (units) Total Cost ($) 400 4,400 450 5,400 550 5,800 600 6,300 700 6,800...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume (units) Total Cost ($) 400 4,300 450 5,300 550 5,700 600 6,200 700 6,700...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume (units) Total Cost ($) 400 4,500 450 5,500 550 5,900 600 6,400 700 6,900...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume (units) Total Cost ($) 400 4000 450 5000 550 5400 600 5900 700 6400...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT