Springfield, Inc. uses regression analysis to estimate production costs based on machine hours. The most recent analysis showed an R-squared of 0.63. Which of the following statements best describes this measure? Responses The company has a 63 percent chance of accurately estimating production costs using this approach. 63 percent of the companys total costs are production costs. 63 percent of the variation in production costs is not explained by the increase or decrease in machine hours. 63 percent of the variation in production costs is explained by the increase or decrease in machine hours