Kendrick Anderson Furniture Maker, LLC creates custom tables in Atlanta. Assume that you are the product manager for the Dining Room Table segment. Your company is planning to meet with a local not-for-profit company that is presenting a proposal for the production of tables for its senior center. Monthly manufacturing costs for the Dining Room Table segment are included below. Assume that the data includes no outliers. Month Total Dining Room Manufacturing Tables Costs Produced Year 1: June $ 22,750 25 July 28,000 45 August 14,199 15 September 29,347 36 October 20,924 24 November 36,774 48 December 19,331 24 Year 2: January 41,659 50 February 18,412 20 March 22,196 25 April 20,958 32 May 15,525 22 June 14,690 15 July 16,292 18 August 21,434 28 September 39,455 55 October 53,398 81 November 21,695 30 December 18,725 18 Required What is the average cost to manufacture a dining room table based upon the historical data provided? Using regression analysis, determine the cost-estimating equation to manufacture dining room tables. Hint: Under the Data tab, click on Data analysis, Regression, and select the cells for the Y Range and X Range. What is the lowest price that your company would accept without making the company worse off?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

Kendrick Anderson Furniture Maker, LLC creates custom tables in Atlanta. Assume that you are the product manager for the Dining Room Table segment. Your company is planning to meet with a local not-for-profit company that is presenting a proposal for the production of tables for its senior center. Monthly manufacturing costs for the Dining Room Table segment are included below. Assume that the data includes no outliers.

	Month	Total	Dining Room
		Manufacturing	Tables
		Costs	Produced
Year 1:	June	$ 22,750	25
	July	28,000	45
	August	14,199	15
	September	29,347	36
	October	20,924	24
	November	36,774	48
	December	19,331	24
Year 2:	January	41,659	50
	February	18,412	20
	March	22,196	25
	April	20,958	32
	May	15,525	22
	June	14,690	15
	July	16,292	18
	August	21,434	28
	September	39,455	55
	October	53,398	81
	November	21,695	30
	December	18,725	18

Required

What is the average cost to manufacture a dining room table based upon the historical data provided?
Using regression analysis, determine the cost-estimating equation to manufacture dining room tables. Hint: Under the Data tab, click on Data analysis, Regression, and select the cells for the Y Range and X Range.
What is the lowest price that your company would accept without making the company worse off?

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