Question 2) The accounting department manager wonders how much of the direct labor cost of a product produced can be explained by the batch size used on the shop floor. The data in the file Labor_Cost.xlsx has been provided to perform this analysis. You will use this data to answer Questions 2 through 6.

Based on this data, how much of the variation in the dependent variable can be explained by the explanatory variable?

NOTE: Enter a numerical value only, and round your response to 3 digits after the decimal point. For example, you would enter the value of .3451 as .345 in the box below; and .3456 as .346. If you do not follow these formatting and rounding rules, you may not receive credit for your answer.

Question 3) Based on your analysis of data in Question 2, are these two variables (direct labor cost and batch size) positively or negatively correlated?

Positively

Negatively

Question 4) Based on your analysis of data in Question 2, what is the correlation between these two variables (direct labor cost and batch size)?

NOTE: Enter a numerical value only, and round your response to 4 digits after the decimal point. For example, you would enter the value of .34561 as .3456 in the box below; and .34566 as .3457. If you do not follow these formatting and rounding rules, you may not receive credit for your answer.

Question 5) Based on your analysis of data in Question 2, what is b₀ (the coefficient of the intercept)?

NOTE: Enter a numerical value only, and round your response to 2 digits after the decimal point. For example, you would enter the value of 105.3447 as 105.34 in the box below; and 105.3456 as 105.35. If you do not follow these formatting and rounding rules, you may not receive credit for your answer.

Question 6) Based on your analysis of data in Question 2, what is b₁ (the coefficient of the explanatory variable)?

NOTE: Enter a numerical value only, and round your response to 2 digits after the decimal point. For example, you would enter the value of 105.3447 as 105.34 in the box below; and 105.3456 as 105.35. If you do not follow these formatting and rounding rules, you may not receive credit for your answer.

Data for the Labor_Cost.xlsx is shown below -

Batch Size	Direct Labor Cost ($100)
30	951.0261
39	710.53
31	570.28
33	1238.37
35	925.44
11	384.05
32	1117.91
30	722.16
23	745.83
17	420.27
22	503.57
12	377.85
37	880.85
12	271.56
13	526.98
36	1348.7
18	643.32
26	583.13
39	1123.47
18	451.62
40	1002.01
23	564.13
26	971.95
34	1208.11
23	754.28
23	414.96
27	616.4
27	894.65
12	607.9
16	655.46
28	825.87
19	494.65
35	721.13
35	1165.95
34	978.19
24	623.31
23	570.15
38	1248.12
39	975.75
38	1413.71
31	661.22
24	645.93
27	471.4
37	875.43
25	336.54
15	429.8
27	1061.77
40	740.1
14	571.51
20	530.5
18	408.12
29	606.61
27	964.65
14	501.7
19	449.62
17	611.33
39	1269.38
25	563.87
37	896.06
21	570.19
39	1158.49
32	929.1
24	748.82
18	385.02
29	947.47
14	528.51
33	865.27
35	949.51
16	374.89
24	674.88
39	1393.62
14	511.03
22	651.88
16	398.52
10	392.56
10	297.21
29	569.86
18	372.14
38	551.69
20	498.9
18	570.54
20	452.11
17	644.79
28	1050.92
33	670.54
13	344.47
30	720.31
13	212.01
25	908.94
25	669.41
14	322.09
33	917.19
31	976.54
35	859.62
40	637.61
12	309.78
34	982.63
15	458.71
17	285.09
32	681.45
31	1094.14
24	849.71
39	1139.84
15	471.24
24	564.56
26	951.8
14	491.06
12	384.18
30	847.02
40	1261.99
36	866.94
34	1067.9
18	592.09
23	460.14
11	430.87
22	689.05
18	552.53
16	371.83
39	1100.57
22	675.12
15	586.11
39	838.95
38	830.76
30	941.01
17	623.09
30	1180.46
19	516.19
23	540.86
15	548.02
17	419.24
34	842.67
17	534.89
36	1039.34
18	714.52
31	1002.01
13	483.87
36	775.49
31	1106.29
37	876.42
40	942.96
37	1094.16
24	777.93
34	1169.11
28	899.8
24	745.69
16	479.1
31	543.55
21	526.91
31	697.88
17	509.57
26	720.14
22	370.96
37	1152.22
32	1046.04
18	450.37
12	422.61
14	518.64
13	479.75
32	1113.54
20	541.27
13	167.18
35	685.11
34	1077.05
37	890.29
26	415.49
14	361
22	616.34
21	575.41
28	745.47
26	785.7
30	662.23
21	641.29
20	636.41
28	832.47
38	984.29
31	766.11
33	827.88
26	659.7
21	534.29
30	857.23