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The method of least squares was used to develop a cost equation to predict the cost of monthly equipment maintenance. The following computer output was
The method of least squares was used to develop a cost equation to predict the cost of monthly equipment maintenance. The following computer output was received:
Intercept32,000
Slope25
The driver used was the number of machine hours.
Refer to Figure 3-12. What was the cost formula for equipment maintenance?
a.total maintenance cost = $25machine hours
b.total maintenance cost = $32,000
c.total maintenance cost = $32,000 + ($25machine hours)
d.None of these are correct.
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