A regression equation is set up, where the dependent variable is total costs and the independent variable is production. A correlation coefficient of 0.70 implies that:

a. The coefficient of determination is negative.

b. The level of production explains 49% of the variation in total costs

c. There is a slightly inverse relationship between production and total costs.

d. A correlation coefficient of 1.30 would produce a regression line with better fit to the data.