Question
One of Varic Companys products goes through a glazing process. The company has observed glazing costs as follows over the last six weeks: Week Units
One of Varic Companys 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
Week/ Units Produced/ Total Glazing Cost
1 9 $ 271
2 6 $ 198
3 11 $ 313
4 5 $ 196
5 7 $ 244
6 10 $ 292
Using the least-squares regression method, estimate the variable and fixed elements of the glazing cost. (Round your answers to 2 decimal places.)
Express the cost data in (1) above in the form Y = a + bX. (Round your answers to 2 decimal places.) If the company processes eight units next week, what would be the expected total glazing cost? (Round your intermediate and final answers to 2 decimal places.) | |
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