Assignment: Chapter 8 Assignment Assignment Score: 65.71% Save Submit Assignment for Grading Questions Problem 08-21 (Using Regression Analysis for Forecasting) Question 4 of 5 2. Hint(s) Check My Work 3. 4. The president of a small manufacturing firm is concerned about the continual increase in n series of the cost per unit for the firm's leading product over the past eight years. 5. Click on the datafile logo to reference the data. DATA file Year Cost/Unit ($) Year Cost/Unit ($) 1 20.00 5 26.60 2 24.50 6 30.00 3 28.20 7 31.00 4 27.50 8 36.00 (a) Choose the correct time series plot. (i) $40.00 $35.00 $30.00 Cost/Unit ($) $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 1 2 3 4 5 6 7 8 Year (iii) $40.00 $35.00 F https://cnow.apps.ng.cengage.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator-assignment-take Page 1 of 3 Cengage NOW | Online teaching and learning resource from Cengage Learning Plot (i) Cost/Unit ($) $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 1 2 3 4 5 6 7 8 Year What type of pattern exists in the data? Positive trend pattern (b) Use simple linear regression analysis to find the parameters for the line that minimize If required, round your answers for the parameters to four decimal places and your al calculations. -intercept, bo Slope, b1 MSE = = (c) What is the average cost increase that the firm has been realizing per year? If required, round your answer to two decimal places. (d) Compute an estimate of the cost/unit for next year. If required, round your answer to two decimal places. Do not round your intermediate Hide Feedback Partially Correct 9/30/23, 2:11 AM Data Sheet2 Sheet3 Year Cost/Unit ($) 1 20.0 2 24.5 3 28.2 4 27.5 5 26.6 6 30.0 7 31.0 8 36.0