Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribedimage text in transcribed

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): B (Click the icon to view the portion of the regression analysis.) What is the variable cost per machine hour (rounded to the nearest cent)? O A. $67.59 O B. $0.99 O C. $0.72 OD. $2,945.95 SUMMARY OUTPUT Regression Statistics Multiple R 0.991108748 R Square 0.982296551 Adjusted R Square 0.977870689 Standard Error 67.58593536 Observations 6 ANOVA df Significance F 0.00011823 Regression Residual Total 1 4 5 SS MS F 1013811.899 1013811.899 221.9446735 18271.43463 4567.858659 1032083.333 Intercept X Variable 1 Coefficients 2945.94652 0.718590832 Standard Error 194.105844 0.04823467 t Stat 15.17701095 14.89780767 P-value 0.000109885 0.00011823 Lower 95% 2407.022299 0.584669919

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Audit Standard Requirements

Authors: Gerardus Blokdyk

1st Edition

0655170898, 978-0655170891

More Books

Students also viewed these Accounting questions