Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Valle Crucis Corporation wanted to determine the relationship between its monthly operating costs and a potential cost driver, machine hours. The output of a regression
Valle Crucis Corporation wanted to determine the relationship between its monthly operating costs and a potential cost driver, machine hours. The output of a regression analysis showed the following information (note: only a portion of the regression analysis results is presented here) Click the icon to view the portion of the regression analysis.) What is closest to the total cost if the firm uses 4.200 machine hours? O A. $3,018.08 O B. $12,372,975.38 OC. $5,964.03 OD. $2,945.95 i Data Table SUMMARY OUTPUT Regression Statistics Multiple R 0.991108748 R Square 0.982296551 Adjusted R Square 0.977870689 Standard Error 67.58593536 Observations ANOVA df Significance F 0.00011823 1 SS MS 1013811.899 1013811.899 221.9446735 18271.43463 4567.858659 1032083.333 Regression Residual Total 5 Intercept X Variable 1 Coefficients 2945.94652 0.718590832 Standard Error t Stat P-value 1 94.105844 15.17701095 0.000109885 0.04823467 14.89780767 0.00011823 Lower 95% 2407.022299 0.584669919
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started