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Answer:
(1) The cost formula is: <em>y</em> = $19,050 + $12·<em>x</em><em>.</em>
(2) The cost of moving materials if 340 moves are made is $23,130.
(3) 82.81% of the variability in moving cost is explained by the number of moves.
Step-by-step explanation:
The computer output for the regression analysis of 80 data points is as follows:
Intercept: $19,050
Slope: 12
Coefficient of correlation: 0.91
Standard error: $220
(1)
The general formula of regression equation is:
<em>y</em> = <em>a</em> + <em>b</em>·<em>x</em>
Here,
<em>a</em> = intercept
<em>b</em> = slope
The cost formula is:
<em>y</em> = $19,050 + $12·<em>x</em>
(2)
Predict the cost of moving materials if 340 moves are made as follows:
Thus, the cost of moving materials if 340 moves are made is $23,130.
(3)
The coefficient of determination R² specifies the percentage of the variance in the dependent variable (Y) that is forecasted or explained by linear regression and the forecaster variable (X, also recognized as the independent-variable).
The coefficient of determination R² can be computed by squaring the correlation coefficient value.
Thus, 82.81% of the variability in moving cost is explained by the number of moves.