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The following regression output was produced using data from the previous twelve months' to develop a cost function that described the association between total
The following regression output was produced using data from the previous twelve months' to develop a cost function that described the association between total units produced and total labour costs. Regression Statistics Multiple R 0.93 R Square 0.738 Adjusted R Square 0.731 Standard Error 795.42 Observations 12 ANOVA df Regression Residual Total SS MS F Significance F 0.001 1 22000063.8 22000052.7 24.289 10 7252676.8 725267.6 11 30439700 Coefficients Intercept X Variable 2941.0300 Standard Error 699.398 Lower t Stat 12.3900 1.849 P-value Lower 95% Upper 95% Upper 95% 95% 4.006 0.007 1068.951 10113.245 1915.184 10998.132 7.300 20.846 6.128 0.001 7.300 20.386 1 If total units produced is estimated to be 1.849 units, calculate the total labour cost using the regression output.
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