One of Varic Company's products goes through a glazing process. The company has observed glazing costs as
Question:
One of Varic Company's products goes through a glazing process. The company has observed glazing costs as follows over the last six weeks:
Week
Units
Produced/Total
Glazing Cost
12$262
11$215
13$275
9$194
12$245
14$284
For planning purposes, the company's management wants to know the amount of variable glazing cost per unit and the total fixed glazing cost per week.
Required:1.Using the least-squares regression method, estimate the variable and fixed elements of the glazing cost.(Round your answers to 2 decimal places. Omit the "$" sign in your response.)
then,
Express the cost data in (1) above in the formY=a+bX.(Round your answers to 2 decimal places. Omit the "$" sign in your response.)
Y = $+ $X
If the company processes twelve units next week, what would be the expected total glazing cost?(Round your intermediate and final answers to 2 decimal places.Omit the "$" sign in your response.)