Question: Given the following information, use Excels Regression tool and scatter plot tool to: a. What is the 95% prediction interval for the true overhead when
Given the following information, use Excels Regression tool and scatter plot tool to:
a. What is the 95% prediction interval for the true overhead when the number of units produced is 1,000?
b. What is the residual for the fifth observation (round to two decimal places)?
| Month | Units produced | Manuf. Overhead |
| 1 | 500 | 131,000 |
| 2 | 600 | 135,000 |
| 3 | 400 | 104,000 |
| 4 | 300 | 76,000 |
| 5 | 800 | 186,000 |
| 6 | 900 | 190,100 |
| 7 | 600 | 150,000 |
| 8 | 400 | 98,000 |
| 9 | 300 | 78,000 |
| 10 | 200 | 60,000 |
| 11 | 400 | 108,000 |
| 12 | 600 | 152,000 |
| 13 | 700 | 158,000 |
| 14 | 500 | 134,380 |
| 15 | 300 | 86,000 |
| 16 | 200 | 60,000 |
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