Custom Wood Products Company manufactures tables and chairs. A regression analysis returned the following analysis of last year’s production data relating total labor hours (the dependent variable) to total chairs made and total tables made (the independent variables): 

In the upcoming week, management expects to produce 150 tables and 500 chairs and will pay employees $30 per hour. 

Required 

(a) What cost estimate do these results suggest for the upcoming week? 

(b) What confidence do you have in your cost estimate? 

(c) What other information might you request before making the estimate?

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REGRESSION STATISTICS Multiple R ..... R square.. Adjusted R square Standard error Observations ANOVA Regression... Residual. Total.. Intercept... Chairs made. Tables made. 0.790042505 0.62416716 0.608827044 92.27458906 df 2 49 51 52 SS 692893.5336 417215.3895 1110108.923 COEFFICIENTS STANDARD ERROR -243.6417806 2.63478272 6.515039681 184.1011152 0.393930356 1.054294699 MS 346446.8 8514.6 t STAT -1.32341 6.688448 6.179524