Question
A publisher of books has produced five comparable Statistical Management books with the following costs. Both values are in thousands. Quantity produced (x000) 1 2
A publisher of books has produced five comparable Statistical Management books with the following costs. Both values are in thousands. Quantity produced (x000) 1 2 4 5 7 Manufacturing Cost (x000) 5 5.9 6.5 7.5 8 a) (5 pts) Calculate the correlation coefficient for the association between quantity produced and manufacturing cost. b) (10 pts) Calculate the regression line for predicting manufacturing costs from quality produced. c) (4 pts) Predict the manufacturing cost of an eighth statistics book if the expected quantity produced is 12000 copies. d) (5 pts) Calculate the predicted value and the residuals of this data. e) (8 pts) Construct 99% confidence interval for the intercept. f) (8 pts) Construct 99% confidence interval for the slope. g) (10 pts) Test for significance of regression by ANOVA and interpret your conclusion.
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