Interpreting regression and correlation The controller of Bell Company uses regression- correlation analysis to help estimate costs. At Plant 23, production prime costs were regressed against the number of units produced. Using a twenty week sample, the following regression data were obtained:

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a = $3,430 REQUIRED b = $35.60 r = .94 Anticipated production next week is 900 units. a. Write the regression line described by the regression coefficients. b. Discuss the meaning of a, b, and r in the above report. c. How much change in the value of the dependent variable can be explained by the value of the independent variable? d. Estimate next week's prime cost.