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An important application of regression in manufacturing is the estimation of cost of production. Based on the data from the table relating cost (Y) to

An important application of regression in manufacturing is the estimation of cost of production. Based on the data from the table relating cost (Y) to volume (X), what is the cost per widget?

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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Recommended Textbook for

Fundamentals of Cost Accounting

Authors: William Lanen, Shannon Anderson, Michael Maher

3rd Edition

978-0077398194

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