A start-up firm has kept careful records of the time required to manufacture its product, a shutoff valve used in oil and gas pipelines.

Shutoff Valve Historical Cost Data

Cumulative Number of Units Produced	Number of Hours Required for the Next Unit
50	12.50
100	6.75
400	2.5
600	2.1
800	1.75
1,600	1.5
5,000	1.25

1. Use the Log-log transformation method from class to estimate the time for the first unit and the expected learning coefficient. Be sure to graph the untransformed data as well as the data transformed.
2. Please provide an assessment of the quality of the fit you performed in part a. You should speak to the percent of information explained by your model as well as the models statistical significance and the significance of the estimated parameters. Finally, what do the residuals say about the regression results?

What will be the estimated time to produce the 7,500^th unit?