Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have...

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Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow: Month January February March April May June July August September October November December Multiple R R Square Summary Output Regression Statistics Adjusted R² Standard Error Observations Machine Hours 2,500 2,900 1,900 3,100 3,800 3,300 4,100 Intercept Machine Hours 3,500 2,000 3,700 4,700 4,200 0.965 0.932 0.925 1,425.18 12.00 Electricity Costs $18,400 21,000 13,500 23,000 28,250 22,000 24,750 22,750 15,500 26,000 31,000 27,750 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% 3,726.88 0.05 (22.69) 7,476.45 4.67 6.87 1,682.82 2.21 5.77 0.49 11.7 0.00 Based on the results of the regression analysis, the estimate of electricity costs in a month with 2,200 machine hours would be: (rounded to the nearest whole dollar) Multiple Choice O O $22,825. $15,180. $3,727. $16,421. Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow: Month January February March April May June July August September October November December Multiple R R Square Summary Output Regression Statistics Adjusted R² Standard Error Observations Machine Hours 2,500 2,900 1,900 3,100 3,800 3,300 4,100 Intercept Machine Hours 3,500 2,000 3,700 4,700 4,200 0.965 0.932 0.925 1,425.18 12.00 Electricity Costs $18,400 21,000 13,500 23,000 28,250 22,000 24,750 22,750 15,500 26,000 31,000 27,750 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% 3,726.88 0.05 (22.69) 7,476.45 4.67 6.87 1,682.82 2.21 5.77 0.49 11.7 0.00 Based on the results of the regression analysis, the estimate of electricity costs in a month with 2,200 machine hours would be: (rounded to the nearest whole dollar) Multiple Choice O O $22,825. $15,180. $3,727. $16,421.

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Based on the results of the regression analysis the estimate of electricity costs in a month with 22... View the full answer