Question
An important application of regression in manufacturing is the estimation of cost of production. Based on DATAfrom Ajax Widgets relating cost (Y) to volume (X),
An important application of regression in manufacturing is the estimation of cost of production. Based on DATAfrom Ajax Widgets relating cost (Y) to volume (X), what is the cost per widget? Hint: What is the regression equation? What do the regression constants mean? 1 widget is a production volume of 1.
| Production Volume (units) | Total Cost ($) |
| 400 | 4384 |
| 450 | 4722 |
| 550 | 5233 |
| 600 | 6091 |
| 700 | 6664 |
| 750 | 6734 |
| 425 | 4423 |
| 475 | 4905 |
| 575 | 5746 |
| 625 | 5709 |
| 725 | 7081 |
| 775 | 7094 |
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Business Ethics Ethical Decision Making & Cases
Authors: O. C. Ferrell, John Fraedrich, Linda Ferrell
8th Edition
1439042233, 978-1439042236
