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Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume Total Cost (units) ($) 400 4,100 450 5,000
Consider the following sample of production volumes and total cost data for a manufacturing operation. Production Volume Total Cost (units) ($) 400 4,100 450 5,000 550 5,500 600 5,900 700 6,500 750 7,000 This data was used to develop an estimated regression equation, y = 1,342.67 + 7.52x, relating production volume and cost for a particular manufacturing operation. Use a = 0.05 to test whether the production volume is significantly related to the total cost. (Use the F test.) State the null and alternative hypotheses. O Ho: Po = 0 Ha: Boo O Ho: B1 20 Ha : B 1
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