Assume the following data (wh the xxx is the last three digit your panther id): Machine...

 

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Assume the following data (wh the xxx is the last three digit your panther id): Machine Hours (hrs.) Iaintenance Costs (S) 1,240 00.xxx 1,400 107.XXX 1,230 102.XXX 1,470 108.xxx 1,640 116.xxx 1,660 115,xxx Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 1.490 1.280 1,460 1,580 1,300 1,600 1,650 1,440 1,350 1,680 1,480 1,360 1,340 1.540 1,320 1.410 1,220 Assume that the following relationship holds: Maintenance Costs a (b Machine Hours) REQUIRED 107,xxx 101,xxx Estimate the values of a and b, using. 1. the High-Low Method, and 2. the Linear Regression method 106,XXX 113.xxx For example, if your panther id is 1234567, then machine hours would be 1240 hours and your maintenance costs would be $100,567 in month 1; 1400 hours and $107,567 is month 2; 1600 hours and $113,567 in month 12. 100,XXX 113.XXX 113,xxx 109,XXX 102,XXX 115.XXX 106.XXX 103,xxx 103,XXX 112.xxx 102.XXX 104,xxx 101,XXX (12 Points) (12 Points) For help outside of the textbook, try "Linear Regression in Excel" on YouTube Note, to use the linear regression method, you MUST use the Microsoft Excel program. Make sure to report i), the values of a and b ii) a scatter plot of the data points, and iii) the R-square or the adjusted R-square 3. Which of the above two methods is more appropriate? Why ? (3 sentences maximum) (5 Points) Assume the following data (wh the xxx is the last three digit your panther id): Machine Hours (hrs.) Iaintenance Costs (S) 1,240 00.xxx 1,400 107.XXX 1,230 102.XXX 1,470 108.xxx 1,640 116.xxx 1,660 115,xxx Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 1.490 1.280 1,460 1,580 1,300 1,600 1,650 1,440 1,350 1,680 1,480 1,360 1,340 1.540 1,320 1.410 1,220 Assume that the following relationship holds: Maintenance Costs a (b Machine Hours) REQUIRED 107,xxx 101,xxx Estimate the values of a and b, using. 1. the High-Low Method, and 2. the Linear Regression method 106,XXX 113.xxx For example, if your panther id is 1234567, then machine hours would be 1240 hours and your maintenance costs would be $100,567 in month 1; 1400 hours and $107,567 is month 2; 1600 hours and $113,567 in month 12. 100,XXX 113.XXX 113,xxx 109,XXX 102,XXX 115.XXX 106.XXX 103,xxx 103,XXX 112.xxx 102.XXX 104,xxx 101,XXX (12 Points) (12 Points) For help outside of the textbook, try "Linear Regression in Excel" on YouTube Note, to use the linear regression method, you MUST use the Microsoft Excel program. Make sure to report i), the values of a and b ii) a scatter plot of the data points, and iii) the R-square or the adjusted R-square 3. Which of the above two methods is more appropriate? Why ? (3 sentences maximum) (5 Points)

Answer rating: 100% (QA)

ANSWER 1 The HighLow Method a 107000 100567 1400 1240 500 per machine ... View the full answer