Question
An important application of regression in manufacturing is the estimation of cost of production. Based on the data below relating cost (Y) to volume (X),
An important application of regression in manufacturing is the estimation of cost of production. Based on the data below relating cost (Y) to volume (X), what is the cost per widget?
Production Volume (units) Total Cost ($)
400 5424
450 5657
550 5759
600 7294
700 7583
750 8603
425 5311
475 6093
575 6662
625 7380
725 7784
775 8588
Which is correct?
a. 8.21
b. 8.75
c. 7.38
d. 7.54
e. None
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Elementary Statisitcs
Authors: Barry Monk
2nd edition
1259345297, 978-0077836351, 77836359, 978-1259295911, 1259295915, 978-1259292484, 1259292487, 978-1259345296
