The below data on the production volume x and total costy (in dollars) for a particular manufacturing operation were used to develop the estimated regression equationŷ = 1,217.33 + 7.68x.Production Volume Total Cost(units)($)4004505506007007503,9005,1005,4006,0006,4007,000(a) The company's production schedule shows that 500 units must be produced next month. What is the point estimate of the total cost (in dollars) for next month?(Round your answer to the nearest cent.)$5057.33(b) Develop a 99% prediction interval for the total cost (in dollars) for ne month. (Round your answers toX to $Xnearest cent.)(c) If an accounting cost report at the end of next month shows that the actual production cost during the month was $6,500, should managers be concerned aboutincurring such a high total cost for the month? Discuss.Since $6,500 is withinthe prediction interval, managers should not beconcerned about incurring such a high total cost for one month.

here X denotes production volume and Y denotes total cost.We also have given a regression equation…

Answered: The below data on the production volume…

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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A statistical program is recommended. The owner of Showtime Movie Theaters, Inc., would like to predict weekly gross revenue as a function of advertising expenditures. Historical data for a sample of eight weeks follow. Weekly Television Gross Newspaper Advertising Advertising ($1,000s) ($1,000s) Revenue ($1,000s) 96 5.0 1.5 90 2.0 2.0 95 4.0 1.5 92 2.5 2.5 95 3.0 3.3 94 3.5 2.3 94 2.5 4.2 94 3.0 2.5 1 (a) Develop an estimated regression equation with the amount of television advertising as the independent variable. (Round your numerical values to two decimal places. Let x₁ represent the amount of television advertising in $1,000s and y represent the weekly gross revenue in $1,000s.) y = 88.64 + 1.60x1 X (b) Develop an estimated regression equation with both television advertising and newspaper advertising as the independent variables. (Round your numerical values to two decimal places. Let x₁ represent the amount of television advertising in $1,000s, x₂ represent the amount of…
Explain how to find se
You have gathered data from a random sample of fast-food sandwiches in order to better understand how the amount of fat in these sandwiches relates to the amount of carbohydrates in the sandwiches. Your ultimate goal is to construct a regression equation to predict amount of carbohydrates based on amount of fat. If this is your goal, which variable should you put on the vertical axis (or y-axis) of a scatterplot of this data? O When conducting a regression analysis, it makes no difference which variable is on which axis. O Amount of fat, because it is the explanatory variable. O Amount of carbohydrates, because it is the explanatory variable. Amount of carbohydrates, because it is the response variable. O Amount of fat, because it is the response variable.
A particular article used a multiple regression model to relate y = yield of hops to x, = average temperature (°C) between date of coming into hop and date of picking and x, = average percentage of sunshine during the same period. The model equation proposed is the following. y = 415.11 – 6.6x1 – 4.50x2 +e (a) Suppose that this equation describes the actual relationship. What mean yield corresponds to a temperature of 20 and a sunshine percentage of 40? (b) What is the mean yield when the average temperature and average percentage of sunshine are 19 and 44, respectively?
You may need to use the appropriate appendix table or technology to answer this question. The below data on the production volume x and total cost y (in dollars) for a particular manufacturing operation were used to develop the estimated regression equation ŷ = 1,213.33 + 7.6x. Production Volume Total Cost (units) ($) 400 450 550 600 700 750 4,000 X 4,900 5,300 6,000 6,400 6,900 (a) The company's production schedule shows that 650 units must be produced next month. What is the point estimate of the total cost (in dollars) for next month? (Round your answer to the nearest cent.) $1 (b) Develop a 99% prediction interval for the total cost (in dollars) for next month. (Round your answers to the nearest cent.) $1 X to $1 X (c) If an accounting cost report at the end of next month shows that the actual production cost during the month was $7,000, should managers be concerned about incurring such a high total cost for the month? Discuss. Since $7,000 is outside of ⒸX the prediction interval,…
The City of Bellmore’s police chief believes that maintenance costs on high-mileage police vehicles are much higher than those costs for low-mileage vehicles. If high-mileage vehicles are costing too much, it may be more economical to purchase more vehicles. An analyst in the department regresses yearly maintenance costs (Y) for a sample of 200 police vehicles on each vehicle’s total mileage for the year (X). The regression equation finds: Y = $50 + .030X with a r2 of .90 What is the IV? What is the DV? If the mileage increases by one mile, what is the predicted increase in maintenance costs? If a vehicle’s mileage for the year is 50,000, what is its predicted maintenance costs? What does an r2 of .90 tell us? Is this a strong or weak correlation? How can you tell?
The police chief believes that maintenance costs on high-mileage police vehicles are much higher than those costs for low-mileage vehicles. If high-mileage vehicles are costing too much, it may be more economical to purchase more vehicles. An analyst in the department regresses yearly maintenance costs (Y) for a sample of 200 police vehicles on each vehicle’s total mileage for the year (X). The regression equation finds: Y = $50 + .030X with a r2 of .90 If a vehicle’s mileage for the year is 50,000, what is its predicted maintenance costs? What does an r2 of .90 tell us? Is this a strong or weak correlation? How can you tell?
When using population size as the explanatory variable, x, and broadband subscribers as the response variable, y, for data on the number of individuals in a country with broadband access and the population size for 36 nations, the regression equation is y = 4,975,098 +0.0342x. a. Interpret the slope of the regression equation. Is the association positive or negative? Explain what this means. b. Predict broadband subscribers at the (i) population size 7,014,655, (ii) population size 1,155,173,053. c. For one nation, y = 71,110,000, and x = 322,413,902. Find the predicted broadband use and the residual for this nation. Interpret the value of this residual. a. Since the association is positive, the slope means that as the (Type an integer or a decimal.) b. (i) The predicted broadband subscribers for population size 7,014,655 is (Round to the nearest whole number as needed.) population size increases by 1 unit, the number of broadband subscribers tends to increase by 0.0342.
B b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? The scatter diagram indicates a positive linear relationship between a = average number of passing yar and y = the percentage of games won by the team. c. Develop the estimated regression equation that could be used to predict the percentage of games won given the avera passing yards per attempt. Enter negative value as negative number. WinPct =| |)(Yds/Att) (to 4 decimals) d. Provide an interpretation for the slope of the estimated regression equation (to 1 decimal). The slope of the estimated regression line is approximately So, for every increase : of one yar number of passes per attempt, the percentage of games won by the team increases by %. e. For the 2011 season, the average number of passing yards per attempt for the Kansas City Chiefs was was 5.5. Use th regression equation developed in part (c) to predict the percentage of games won by the Kansas City Chiefs.…

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