Question: The following regression output was produced using data from the previous twelve months' to develop a cost function that described the association between total

The following regression output was produced using data from the previous twelve

The following regression output was produced using data from the previous twelve months' to develop a cost function that described the association between total units produced and total labour costs. Regression Statistics Multiple R 0.93 R Square 0.738 Adjusted R Square 0.731 Standard Error 795.42 Observations 12 ANOVA df Regression Residual Total SS MS F Significance F 0.001 1 22000063.8 22000052.7 24.289 10 7252676.8 725267.6 11 30439700 Coefficients Intercept X Variable 2941.0300 Standard Error 699.398 Lower t Stat 12.3900 1.849 P-value Lower 95% Upper 95% Upper 95% 95% 4.006 0.007 1068.951 10113.245 1915.184 10998.132 7.300 20.846 6.128 0.001 7.300 20.386 1 If total units produced is estimated to be 1.849 units, calculate the total labour cost using the regression output.

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