Dean made a statistical estimation of the cost-output relationship for a shoe store. The data for the firm is given in the following table. X4.5 7 9 10 15 20 33 50 3 3.3 3.4 3.5 4.5 5.5 7.5 12 Here x is the output in thousands of pairs of shoes, and y is the cost in thousands of dollars. A. Determine the best-fitting line (using least squares). S₁(x) = B. Determine the best-fitting quadratic (using the least squares) and the square of the correlation coefficient. S₂(x)=
Dean made a statistical estimation of the cost-output relationship for a shoe store. The data for the firm is given in the following table. X4.5 7 9 10 15 20 33 50 3 3.3 3.4 3.5 4.5 5.5 7.5 12 Here x is the output in thousands of pairs of shoes, and y is the cost in thousands of dollars. A. Determine the best-fitting line (using least squares). S₁(x) = B. Determine the best-fitting quadratic (using the least squares) and the square of the correlation coefficient. S₂(x)=
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Dean made a statistical estimation of the cost-output relationship for a shoe store. The data for the firm is given in the following table.
x 4.5 7 9 10 15 20 33 50
3 3.3 3.4 3.5 4.5 5.5 7.5 12
Here x is the output in thousands of pairs of shoes, and y is the cost in thousands of dollars.
A. Determine the best-fitting line (using least squares).
S, (x)
2.
B. Determine the best-fitting quadratic (using the least squares) and the square of the correlation coefficient.
S₂(x) =
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Step 1: In this step, we obtained the best-fitting line.
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VIEWStep 3: To calculate the square of correlation coefficient, we use the Excel software.
VIEWStep 4: In this step, we obtained the best fitting-quadratic.
VIEWStep 5: Process of Step 4 is continued.
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