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An important application of regression in manufacturing is the estimation of cost of production. Based on DATA (attached) from Ajax Widgets relating cost (Y) to

An important application of regression in manufacturing is the estimation of cost of

production. Based on DATA (attached) from Ajax Widgets relating cost (Y) to volume (X), what is the cost per widget?

a. 8.21

b. 8.75

c. 7.54

d. none of the answers are correct.

e. 7.38

Production Volume (units) Total Cost ($) 400 4688 450 4893 550 5957 600 6105 700 7111 750 7743 425 4983 475 5461 575 6136 625 6302 725 7538 775 7596

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