Refer to exercise 21, where data on production volume and cost were used to develop an estimated regression equation relating production volume and cost for a particular manufacturing operation Use 05 to test whether the production volume is significantly related to the total cost Show the ANOVA table What is your conclusion In exercise Production Volume (units) Total Cost ($) 400 4000 450 5000 550 5400 600 5900 700 6400 750 7000

Question: Refer to exercise 21, where data on production volume and cost were used to develop an estimated regression equation relating production volume and cost for

Refer to exercise 21, where data on production volume and cost were used to develop an estimated regression equation relating production volume and cost for a particular manufacturing operation. Use α = .05 to test whether the production volume is significantly related to the total cost. Show the ANOVA table. What is your conclusion?
In exercise
Production Volume (units) Total Cost ($)
400 ................... 4000
450 ................... 5000
550 ................... 5400
600 ................... 5900
700 ................... 6400
750 ................... 7000

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