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The below data on the production volume x and total cost y (in dollars) for a particular manufacturing operation were used to develop the estimated
The below data on the production volumexand total costy(in dollars) for a particular manufacturing operation were used to develop the estimated regression equation
=1,405.33+7.44x.
Production Volume (units) | Total Cost ($) |
---|---|
400 | 4,100 |
450 | 5,100 |
550 | 5,500 |
600 | 5,900 |
700 | 6,400 |
750 | 7,100 |
(a)The company's production schedule shows that500units must be produced next month. What is the point estimate of the total cost (in dollars) for next month? (Round your answer to the nearest cent.)$
(b)Develop a 99% prediction interval for the total cost (in dollars) for next month. (Round your answers to the nearest cent.)$ to $
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