23. Which of the following is the most suitable interpretation of the (Pearson) correlation coefficient between production volume and total costs in this problem?A. There is a perfect positive correlation between production volume and total costs.B. There is a very strong positive correlation between production volume and total costs.C. There is a strong positive correlation between production volume and total costs.D. There is a positive correlation between production volume and total costs.24. The equation of the regression line is given by A. ? = −116.01 + 0.12?B. ? = 1321.32 − 7.64? C. ? = 116.01 + 0.12? D. ? = 7.64? + 1321.3225. How much is the estimated total costs if the corresponding production volume for a particular month is 300 units?A. $274.80B. $287.13 C. $2,293.11 D. $3,614.43 For numbers 20-25, please refer to the following problem: An important application ofregression analysis is in the estimation of cost. By collecting data on volume and cost andusing the least squares method to develop an estimated regression equation relating volumeand cost, one can estimate the cost associated with a particular manufacturing volume.Consider the following sample of monthly production volumes and total costs data for amanufacturing operation for the year 2018.MonthProduction Volume (units)Total Costs ($)January 20185006,000February 20183504,000March 20184505,000April 20185505,400Маy 20186005,900June 20184004,000July 20184004,200August 20183503,900September 20184004,300October 20186006,000November 20187006,400December 20187507,000

The correlation coefficient between 2 variables X and Y is given by: rX,Y=∑xyn-x¯…

Answered: 23. Which of the following is the most…

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23. Which of the following is the most suitable interpretation of the (Pearson) correlation coefficient between production volume and total costs in this problem? A. There is a perfect positive correlation between production volume and total costs. B. There is a very strong positive correlation between production volume and total costs. C. There is a strong positive correlation between production volume and total costs. D. There is a positive correlation between production volume and total costs. 24. The equation of the regression line is given by A. ? = −116.01 + 0.12? B. ? = 1321.32 − 7.64? C. ? = 116.01 + 0.12? D. ? = 7.64? + 1321.32 25. How much is the estimated total costs if the corresponding production volume for a particular month is 300 units? A. $274.80 B. $287.13 C. $2,293.11 D. $3,614.43

For numbers 20-25, please refer to the following problem: An important application of
regression analysis 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, one can estimate the cost associated with a particular manufacturing volume.
Consider the following sample of monthly production volumes and total costs data for a
manufacturing operation for the year 2018.
Month
Production Volume (units)
Total Costs ($)
January 2018
500
6,000
February 2018
350
4,000
March 2018
450
5,000
April 2018
550
5,400
Маy 2018
600
5,900
June 2018
400
4,000
July 2018
400
4,200
August 2018
350
3,900
September 2018
400
4,300
October 2018
600
6,000
November 2018
700
6,400
December 2018
750
7,000

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