Question
In: Statistics and Probability
An important application of regression in manufacturing is the estimation of cost of production. Based on...
An important application of regression in manufacturing is the estimation of cost of production. Based on DATA (see chart below) from Ajax Widgets relating cost (Y) to volume (X), what is the cost per widget?
A: 8.75
B. 7.54
C: None of the answers are correct
D: 8.21
E. 7.38
| Production volume (units) | Total cost ($) | ||||||||||||||||||||||||
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Solutions
orchestra answered 1 year agoRelated Solutions
25. An important application of regression in manufacturing is the estimation of cost of production. Based...
25. An important application of regression in manufacturing is
the estimation of cost of production. Based on DATA from Ajax
Widgets relating cost (Y) to volume (X), what is the cost of
producing 600 widgets?
Production Volume (units)
Total Cost $
400
3430
450
4080
550
4878
600
4884
700
5913
750
6402
425
4273
475
4362
575
5089
625
5446
725
6017
775
6591
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is
in the estimation of cost. By collecting data on volume and cost
and using the least squares method to develop an estimated
regression equation relating volume and cost, an accountant can
estimate the cost associated with a particular manufacturing
volume.
In the Microsoft Excel Online file below you will find a sample
of production volumes and total cost data for a manufacturing
operation. Conduct a regression analysis to explore the
relationship...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is
in the estimation of cost. By collecting data on volume and cost
and using the least squares method to develop an estimated
regression equation relating volume and cost, an accountant can
estimate the cost associated with a particular manufacturing
volume. Consider the following sample of production volumes and
total cost data for a manufacturing operation.
Production Volume (units)
Total Cost ($)
400
3,700
450
4,700
550
5,100
600
5,600
700
6,100...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is
in the estimation of cost. By collecting data on volume and cost
and using the least squares method to develop an estimated
regression equation relating volume and cost, an accountant can
estimate the cost associated with a particular manufacturing
volume. Consider the following sample of production volumes and
total cost data for a manufacturing operation.
Production Volume (units)
Total Cost ($)
400
4,200
450
5,200
550
5,600
600
6,100
700
6,600...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is
in the estimation of cost. By collecting data on volume and cost
and using the least squares method to develop an estimated
regression equation relating volume and cost, an accountant can
estimate the cost associated with a particular manufacturing
volume.
In the Microsoft Excel Online file below you will find a sample
of production volumes and total cost data for a manufacturing
operation. Conduct a regression analysis to explore the
relationship...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is
in the estimation of cost. By collecting data on volume and cost
and using the least squares method to develop an estimated
regression equation relating volume and cost, an accountant can
estimate the cost associated with a particular manufacturing
volume.
In the Microsoft Excel Online file below you will find a sample
of production volumes and total cost data for a manufacturing
operation. Conduct a regression analysis to explore the
relationship...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important
application of regression analysis in accounting is in the
estimation of cost. By collecting data on volume and cost and using
the least squares method to develop an estimated regression
equation relating volume and cost, an accountant can estimate the
cost associated with a particular manufacturing volume. Consider
the following sample of production volumes and total cost data for
a manufacturing operation.
Production Volume
(units)
Total Cost
($)
400
3,500
450
4,500
550
4,900
600
5,400
700
5,900...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is
in the estimation of cost. By collecting data on volume and cost
and using the least squares method to develop an estimated
regression equation relating volume and cost, an accountant can
estimate the cost associated with a particular manufacturing
volume. Consider the following sample of production volumes and
total cost data for a manufacturing operation.
Production Volume (units)
Total Cost ($)
400
4,400
450
5,400
550
5,800
600
6,300
700
6,800...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is
in the estimation of cost. By collecting data on volume and cost
and using the least squares method to develop an estimated
regression equation relating volume and cost, an accountant can
estimate the cost associated with a particular manufacturing
volume. Consider the following sample of production volumes and
total cost data for a manufacturing operation.
Production Volume (units)
Total Cost ($)
400
4,000
450
5,000
550
5,400
600
5,900
700
6,400...
An important application of regression analysis in accounting is in the estimation of cost. By collecting...
An important application of regression analysis in accounting is
in the estimation of cost. By collecting data on volume and cost
and using the least squares method to develop an estimated
regression equation relating volume and cost, an accountant can
estimate the cost associated with a particular manufacturing
volume. Consider the following sample of production volumes and
total cost data for a manufacturing operation.
Production Volume (units)
Total Cost ($)
400
4,200
450
5,200
550
5,600
600
6,100
700
6,600...
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