Question: Conduct a regression analysis to explore the relationship between total cost and production volume and then answer the questions that follow1. Compute b1 and b0

Conduct a regression analysis to explore the relationship between total cost and production volume and then answer the questions that follow1. Compute b1 and b0 (1 decimal)2. Complete the estimated regression equation3.According to this model,what is the change in cost(in dollars) for every unit produced?4. Compute the coefficient of determination (to 3 decimals) report r2 between 0 and 15.What percentage of the variation in the total cost can be explained by the production volume?6.The company production schedule shows 500 units must be produced next month. What is the estimated total cost for this operation ?

A B C D Production Volume (units) Total Cost ($) 400 3800 450 4800 550 5200 600 5700 10 00 V O UT A W N 700 6200 750 6800 10 Production Target Est. Cost ($) 11 500 12 13

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