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Please help me solve this: demand for ice cream within the area served by the plant. A market survey is currently under way to determine
Please help me solve this:
demand for ice cream within the area served by the plant. A market survey is currently under way to determine that demand. a. Develop a regression equation to forecast the cost per thousand gallons as a function of the number of thousands of gallons produced. The forecasting model is given by the equation Y - (Enter your responses rounded to two decimal places.) b. What are the correlation coefficient and the coefficient of determination? The sample correlation coefficient is (Enter your response rounded to two decimal places.) The coefficient of determination is (Enter your response rounded to two decimal places.) Comment on your regression equation in light of these measures. The increases in X mostly result in in Y. Also, % of the variation in Y is explained by X. (Enter your response rounded to the nearest whole number.) c. Suppose that the market survey indicates a demand of 325,000 gallons in the Bucyrus, Ohio, area. Estimate the manufacturing cost per gallon for a plant producing 325,000 gallons per year. The forecasted manufacturing cost per gallon is $. (Enter your response rounded to two decimal places.)Step by Step Solution
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