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Gadell Farms produces venison sausage that is distributed to grocery stores throughout the Southeast. They have collected this shipping cost data: Month Tons Produced Packaging
Gadell Farms produces venison sausage that is distributed to grocery stores throughout the Southeast. They have collected this shipping cost data: | ||||||||||||
Month | Tons Produced | Packaging cost | ||||||||||
January | 6 | $1,717.00 | ||||||||||
February | 4 | $2,020.00 | ||||||||||
March | 3 | $2,121.00 | ||||||||||
April | 8 | $2,727.00 | ||||||||||
May | 2 | $1,616.00 | ||||||||||
June | 7 | $1,919.00 | ||||||||||
July | 5 | $2,323.00 | ||||||||||
August | 8 | $2,275.00 | ||||||||||
September | 7 | $2,190.00 | ||||||||||
October | 9 | $2,350.00 | ||||||||||
November | 7 | $2,199.00 | ||||||||||
December | 8 | $2,265.00 | ||||||||||
January | 6 | $2,120.00 | ||||||||||
February | 7 | $2,200.00 | ||||||||||
March | 8 | $2,280.00 | ||||||||||
Create a scatter plot. | ||||||||||||
Using the high-low method, estimate the cost formula for Gadell Farms' packaging costs. | ||||||||||||
The least-squares regression method was used and the analysis resulted in this cost equation: Y = 1650 + 78.57x. | ||||||||||||
What would you estimate packaging costs to be if Gadell Farms shipped 10 tons in a single month? Use the high/low cost formula and the regression. |
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