Question: Use a spreadsheet program, or special purpose statistical software, to do this problem. Use the data in application question A5, and: A. Compute the regression

Use a spreadsheet program, or special purpose statistical software, to do this problem. Use the data in application question A5, and:

A. Compute the regression line that best fits the data B. What is the R2 statistic for your regression line? Is this indicative of a good fit to the data?

C. The data were actually generated using an equation that total cost =

200 of fixed costs plus variable costs of $3 per level of input, plus or minus a random variation. Do you feel the regression line gives a reasonable estimate of this relation? Explain.

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