Sipenstein Company makes tubing from aluminum billets using a process in which the billets are heated by
Question:
Required:
(1) Determine the fixed and variable elements of the electricity cost using each of the following methods:
(a) The high and low points method
(b) A scatter graph with trend line fitted by inspection
(c) The method of least squares
(2) Compute the coefficient of correlation, r, and the coefficient of determination, r2.
(3) Compute the standard error of the estimate, and the 95% confidence interval for electricity cost at the 2,200-billets level of activity.
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