Question: SUMMARY OUTPUT Regression Statistics Multiple R 0.9877 R Square 0.9756 Adjusted R Square 0.9726 Standard Error 193.0496 Observations 10.0000 ANOVA df SS MS F Significance

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.9877
R Square 0.9756
Adjusted R Square 0.9726
Standard Error 193.0496
Observations 10.0000
ANOVA
df SS MS F Significance F
Regression 1 11921314.9261 11921314.9261 319.8796 0.0000
Residual 8 298145.0739 37268.1342
Total 9 12219460.0000
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 18869.1316 433.0521 43.5724 0.0000 17870.5117 19867.7516 17870.5117 19867.7516
Orders per Week 19.7371 1.1035 17.8852 0.0000 17.1923 22.2819 17.1923 22.2819

REQUIRED: (PLEASE SHOW YOUR WORK WHERE REQUIRED)

Based on the regression output for Stater Sister's data, please

1) estimate the cost equation (i.e., Weekly total costs = a + (b* Number of orders per week)),

and evaluate the regression line using

2) the criteria of economic plausibility,

3) goodness of fit, and

4) significance of the independent variable.

Explain briefly for each question.

Q1. Cost Equation:

Q2. Economic Plausibility:

Q3. Goodness of fit:

Q4. Significance of the independent variable:

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