Can you please assist with this problem?
Solution
we will solve it by using excel and the steps are
Enter the Data into excel
Click on Data tab
Click on Data Analysis
Select Regression
Select input Y Range as Range of dependent variable.
Select Input X Range as Range of independent variable
click on labels if your selecting data with labels
click on ok.
So this is the output of Regression in Excel.
SUMMARY OUTPUT | ||||||||
Regression Statistics | ||||||||
Multiple R | 0.9740 | |||||||
R Square | 0.9486 | |||||||
Adjusted R Square | 0.9358 | |||||||
Standard Error | 270.8013 | |||||||
Observations | 6.0000 | |||||||
ANOVA | ||||||||
df | SS | MS | F | Significance F | ||||
Regression | 1.0000 | 5415000.0000 | 5415000.0000 | 73.8409 | 0.0010 | |||
Residual | 4.0000 | 293333.3333 | 73333.3333 | |||||
Total | 5.0000 | 5708333.3333 | ||||||
Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | Lower 95.0% | Upper 95.0% | |
Intercept | 1246.6667 | 520.4272 | 2.3955 | 0.0747 | -198.2708 | 2691.6041 | -198.2708 | 2691.6041 |
Production Volume | 7.6000 | 0.8844 | 8.5931 | 0.0010 | 5.1444 | 10.0556 | 5.1444 | 10.0556 |
1. Total cost = 1246.67+7.60*Production Volume
2.$7.6
3. Cofficient of determination : 0.9486
The 94.86% variation in total cost explained by Production Volume.
4.
If Production Volume = 650 then total cost will be..
Total cost = 1246.67+7.60*650
Total cost = 6187
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