a. develop a regression equation to forecast the cost per thousand gallons as a function of the number of thousands of gallons produced

b. what are the correlation coefficient and the coefficient of determination? comment on your regression equation in light of these measures

c. suppose at the market survey indicates a demand of 325,000 gallons in the bucyrus ohio Area. estimate the manufacturing cost per gallon for a plant producing 325000 gallons per year

Ohio Swiss Milk Products manufactures and distributes ice cream in Ohio, Kentucky, and West Virginia. The company wants to expand operations by locating another plant in northern Ohio. The size of the new plant will be a function of the expected demand for ice cream within the area served by the plant. A market survey is Currently under way to determine that demand. Ohio Swiss wants to estimate the relationship between the manufacturing cost per gallon and the number of gallons sold in a year to determine the demand for ice cream and thus, the size of the new plant. The following data have been collected: Plant Cost per Thousand Gallons (Y) Thousands of Gallons Sold (X) 1 $1,016 436.8 2 460.1 3 1,023 238.6 1,006 372.1 5 1,065 236.6 1,068 258.6 980 573.7 997 414.0 9 1,061 283.3 10 363.1 $10,176 3,636.9 971 4 6 7 8 989 Total a. Develop a regression equation to forecast the cost per thousand gallons as a function of the number of thousands of gallons produced The forecasting model is given by the equation - Ox. (Enter your responses rounded to two decimal places.)