Cameron Company is interested in establishing the relationship between utility costs and machine hours. Data has been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow:

Required:
a. Using Excel, perform a regression analysis on the above data and generate a summary output.
b. What is the equation for utility costs using the regression analysis?
c. Prepare an estimate of utility costs for a month when 3,000 machine hours are worked.

Transcribed Image Text:

Electricity Cost Month Machine Hours January 3,250 22,080 February 3,770 25,200 March 2,470 16,200 April 4,030 27,600 May 4,940 33,900 June 4,290 26,400 July 5,330 29,700 August 4,550 27,300 2,600 September 18,600 October 4,810 31,200 November 6,110 37,200 33,300 December 5,460