An accountant wishes to predict direct labor cost (y) on the basis of the batch size (x) of a product produced in a job shop. Data for 12 runs are given. (.xls file is also provided) Directed Labor Cost (y) 71 663 381 138 861 145 493 Batch Size (x) 5 62 35 12 83 14 46

Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter4: Eigenvalues And Eigenvectors
Section4.6: Applications And The Perron-frobenius Theorem
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548
251
1024
435
772
52
23
100
c) Interpret the meaning of the slope B₁
d) Interpret the meaning of the y-intercept Bo
e) Find an estimation for the variability of the model.
41
75
a) Using scatter plot, discuss if linear regression model is a good fit.
b) Use the software of your choice fit a regression line.
Transcribed Image Text:548 251 1024 435 772 52 23 100 c) Interpret the meaning of the slope B₁ d) Interpret the meaning of the y-intercept Bo e) Find an estimation for the variability of the model. 41 75 a) Using scatter plot, discuss if linear regression model is a good fit. b) Use the software of your choice fit a regression line.
An accountant wishes to predict direct labor cost (y) on the basis of the batch size (x) of a
product produced in a job shop. Data for 12 runs are given. (.xls file is also provided)
Directed Labor Cost (y)
71
663
381
138
861
145
493
Batch Size (x)
5
62
35
12
83
14
46
Transcribed Image Text:An accountant wishes to predict direct labor cost (y) on the basis of the batch size (x) of a product produced in a job shop. Data for 12 runs are given. (.xls file is also provided) Directed Labor Cost (y) 71 663 381 138 861 145 493 Batch Size (x) 5 62 35 12 83 14 46
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