Question
Regression - Interpretation Question 26 (4 points) An important application of regression in manufacturing is the estimation of cost of production. Based on DATAfrom Ajax
Regression - Interpretation
Question 26 (4 points)
An important application of regression in manufacturing is the estimation of cost of production. Based on DATAfrom Ajax Widgets relating cost (Y) to volume (X), what is the cost per widget?
Question 26 options:
8.21 | |
7.54 | |
8.75 | |
7.38 | |
None of the answers are correct |
| Hide hint for Question 26 | |
What is the regression equation? What do the regression constants mean? 1 widget is a production volume of 1. |
| Production Volume (units) | Total Cost ($) |
| 400 | 4384 |
| 450 | 4722 |
| 550 | 5233 |
| 600 | 6091 |
| 700 | 6664 |
| 750 | 6734 |
| 425 | 4423 |
| 475 | 4905 |
| 575 | 5746 |
| 625 | 5709 |
| 725 | 7081 |
| 775 | 7094 |
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Probability And Statistics For Engineering And The Sciences
Authors: Jay L. Devore
9th Edition
1305251806, 978-1305251809
