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 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

Math   Statistics-And-Probability   
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Answer #1

from here cost per widget =slope =8.75

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