Sample size and confidence intervals The marketing department of the Fairwood Lum- ber Company uses regression-correlation analysis
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Sample size and confidence intervals The marketing department of the Fairwood Lum- ber Company uses regression-correlation analysis to evaluate cost behavior for many of its costs. Below are regression analysis data for weekly order processing costs regressed against the number of orders processed during the week. The regression is based on a sample of 60 weeks of data.
REQUIRED
a. Estimate the order processing cost for the week with 800 orders processed.
b. Using a confidence interval of 99 percent, calculate the range of order processing costs with 800 orders processed during the week.
c. Assume the sample size was 25 rather than 60. Answer part b again.
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