An important application of regression in manufacturing is the estimation of cost of production. Based on DATA
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Question:
An important application of regression in manufacturing is the estimation of cost of production. Based on DATA from Ajax Widgets relating cost (Y) to volume (X), what is the cost of producing 600 widgets?
A. 5826
B. 6312
C. 5206
D. none of the answers are correct
Production Volume (units) | Total Cost ($) |
400 | 3430 |
450 | 4080 |
550 | 4878 |
600 | 4884 |
700 | 5913 |
750 | 6402 |
425 | 4273 |
475 | 4362 |
575 | 5089 |
625 | 5446 |
725 | 6017 |
775 | 6591 |
Related Book For
Essentials Of Statistics For Business And Economics
ISBN: 9781305081598
7th Edition
Authors: David Anderson, Thomas Williams, Dennis Sweeney, Jeffrey Cam
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