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HERE THEN IS YOUR FINAL ASSIGNMENT oAtool and die maker operates out of a small shop making specialized tools. He is considering increasing the size
HERE THEN IS YOUR FINAL ASSIGNMENT oAtool and die maker operates out of a small shop making specialized tools. He is considering increasing the size of his business and needs to know about his costs. One such cost is electricity, which he needs to operate his machines and lights. (Some jobs require that he turn on extra bright lights to illuminate his work.) He keeps track of his daily electricity costs and the number of tools that he made that day. These data are listed next. Determine the fixed and variable electricity costs. . tools (X) Cost (Y) " "- \" \" \" " a) in order to answer the question about the fixed and the variable cost of electricity, you need to find the equation of the least squares line: Si : be + b1X,b0 is the fixed cost and b1 is the variable cost... b) ls there a correlation between the number of tools and the electricity cost? c) How well does the model fit the data? (Comment on the coefficient of determination)
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