|Production Volume (units)||Total Cost ($)|
|Production Target||Est. Cost ($)|
Compute b1 and b0 (to 1 decimal).
Complete the estimated regression equation (to 1 decimal).
y = ____ +_____ x
According to this model, what is the change in cost (in dollars) for every unit produced (to 1 decimal)?
Compute the coefficient of determination (to 3 decimals). Note: report r2 between 0 and 1.
r2 = _______
What percentage of the variation in total cost can be explained by the production volume (to 1 decimal)?
The company's production schedule shows 500 units must be produced next month. What is the estimated total cost for this operation (to the nearest whole number)?
The statistical software output for this problem is :
b1 = 7.6
b0 = 746.7
y = 746.7 + 7.6
The change in cost = 7.6
r2 = 0.959
Total cost = 4547
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