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The facility manager at a sports textile company wants to build a regression model to forecast monthly electricity cost. Two main variables are thought to
The facility manager at a sports textile company wants to build a regression model to forecast monthly electricity cost. Two main variables are thought to determine electricity cost (in $): average outdoor temperature (in F) and tons of product produced. A portion of the past year's monthly data is shown in the following table.
Electricity cost ($) | Average outdoor temperature (F) | Tons of product |
24100 | 26 | 80 |
23700 | 32 | 73 |
26800 | 46 | 90 |
27400 | 61 | 69 |
30200 | 66 | 75 |
31500 | 73 | 80 |
30100 | 81 | 82 |
29500 | 85 | 80 |
26800 | 76 | 78 |
27500 | 61 | 79 |
28900 | 51 | 75 |
26000 | 39 | 69 |
26600 | 72 | 87 |
26600 | 41 | 74 |
24000 | 84 | 83 |
27300 | 56 | 84 |
29300 | 64 | 84 |
28500 | 85 | 69 |
29000 | 66 | 72 |
30200 | 61 | 80 |
30800 | 51 | 88 |
29000 | 57 | 70 |
25100 | 54 | 69 |
30800 | 74 | 86 |
27800 | 68 | 82 |
31800 | 50 | 87 |
28600 | 46 | 75 |
29600 | 29 | 90 |
27600 | 43 | 81 |
27800 | 45 | 69 |
24600 | 37 | 72 |
24200 | 48 | 71 |
27800 | 38 | 78 |
25100 | 26 | 84 |
24400 | 60 | 90 |
29900 | 36 | 74 |
24500 | 69 | 83 |
26900 | 42 | 87 |
27900 | 77 | 74 |
30600 | 71 | 86 |
a. What is the predicted electricity cost in a month during which the average outdoor temperature is 65 and 76 tons are produced? (2 Marks)
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