13.42 The estimation of weekly production cost in a factory is based on the quantity of weekly...
Question:
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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Essential Mathematics And Statistics For Science
ISBN: 9780470694480
2nd Edition
Authors: Graham Currell, Dr. Antony Dowman
Question Posted: