Ohio Swiss Milk Products manufactures and distributes ice cream in Ohio, Kentucky, and West Virginia. The company wants to expand operations by locating another plant in northernOhio. The size of the new plant will be a function of the expected demand for ice cream within the area served by the plant. A market survey is currently under way to determine thatdemand.Ohio Swiss wants to estimate the relationship between the manufacturing cost per gallon and the number of gallons sold in a year to determine the demand for ice cream and, thus, thesize of the new plant. The following data have been collected:PlantITTThousands of Gallons Sold (X)434.7Cost per Thousand Gallons (Y)1$1,0242962466.431,0651,0061,0451,068251.3372.15245.06.258.67988614.9414.0899791,0631,000$10,218267.5380,43,704.910Totala. Develop a regression equation to forecast the cost per thousand gallons as a function of the number of thousands of gallons produced.The forecasting model is given by the equation Y= 1116.20 - 25 X. (Enter your responses rounded to two decimal places.)b. What are the correlation coefficient and the coefficient of determination?The sample correlation coefficient is - 82. (Enter your response rounded to two decimal places.)The coefficient of determination is(Enter your response rounded to two decimal places.)

A percent may be used to represent the coefficient of determination. It offers you an indication of…

Answered: The coefficient of determination is…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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The coefficient of determination is (Enter your response rounded to two decimal places.)