13.42 The estimation of weekly production cost in a factory is based on the quantity of weekly...

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13.42 The estimation of weekly production cost in a factory is based on the quantity of weekly production and the ratio of the number of deluxe units over the total units produced. It provides R2 is 0.941 and the p-value for the quantity of weekly production and deluxe ratio is 0.0072 and 0.0243, respectively. On assessing another independent variable, number of units in a batch, R2 is 0.963 with p-value for the quantity of weekly production, deluxe ratio, and number of units in a batch is 0.0032, 0.0506, and 0.2943, respectively. Based on what you know about multicollinearity, how would you interpret these results?

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Essential Mathematics And Statistics For Science

ISBN: 9780470694480

2nd Edition

Authors: Graham Currell, Dr. Antony Dowman

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