Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel.

Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow:
Month Machine Hours Electricity Costs
January 3,300 $ 18,800
February 3,70021,800
March 2,70013,900
April 3,90023,800
May 5,20028,650
June 4,10022,800
July 5,10025,150
August 4,30023,150
September 2,80016,300
October 4,50026,800
November 6,20031,800
December 5,70028,150
Summary Output
Regression Statistics
Multiple R 0.957
R Square 0.916
Adjusted R20.908
Standard Error 1,584.49
Observations 12.00
Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
Intercept 3,998.651,911.172.090.06(259.71)8,257.01
Machine Hours 4.530.4310.470.003.565.49
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting In Business

Authors: R. J. Bull

5th Edition

0408014865, 978-0408014861

More Books

Students also viewed these Accounting questions

Question

Are there professional development opportunities?

Answered: 1 week ago

Question

5. Explain the supervisors role in safety.

Answered: 1 week ago