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Nadusha1986 [10]
3 years ago
10

An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cos

t 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 4000
450 5000
550 5400
600 5900
700 6400
750 7000
Compute b1 and b0 (to 2 decimals if necessary). b1 b0 Complete the estimated regression equation (to 2 decimals if necessary).
Mathematics
1 answer:
Amanda [17]3 years ago
6 0

Answer:

Y = 7.60X + 1246.67

Step-by-step explanation:

Given the data:

Production Volume (units) Total Cost ($)

400 4000

450 5000

550 5400

600 5900

700 6400

750 7000

Using technology, the linear regression calculator, the regression model obtained by fitting the data is :

Y = 7.60X + 1246.67 ; which is the model giving the relationship between Production volume, x and total cost, y.

Slope = 7.60

Intercept = 1246.67

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