The following is the data for Patient Days (the cost driver) and Maintenance Costs for a local hospital: Month PatientDays (Cost driver) Maintenance Costs January 3,300 $4,450 February 4,050 $4,750 March 3,000 $4,200 April 3, 750 $4,600 May 4,150 $5,050 June 4,500 $5,400 July 2,600 $4,400 Using regression analysis to analyze the hospital's coststructure, the estimated fixed maintenance cost for the hospital is: $5,468 $0.793 $2,734 $0.541

The data related to the patient days (the cost driver) and maintenance costs for a local hospital…

Answered: The following is the data for Patient…

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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An important application of regression analysis is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, one can estimate the cost associated with a particular manufacturing volume. Consider the following sample of monthly production volumes and total costs data for a manufacturing operation for the year 2018. Month Production Volume (units) Total Costs ($) January 2018 February 2018 500 6,000 350 4,000 March 2018 450 5,000 April 2018 550 5,400 May 2018 600 5,900 June 2018 400 4,000 July 2018 August 2018 September 2018 400 4,200 350 3,900 400 4,300 October 2018 600 6,000 November 2018 700 6,400 December 2018 750 7,000
A large school district is reevaluating its teachers' salaries. They have decided to use regression analysis to predict mean teacher salaries at each elementary school. The researcher uses years of experience to predict salary. The resulting equation was: Where Y=salary and X=years of experience. The raw data is given in the table below, Salary $54,000.00 $42,140.00 $36,195.00 $45,000.00 $58,950.00 $56,890.00 $53,250.00 $49,800.00 $35,820.00 $74,390,00 $28,900.00 $38,690.00 $78,070.00 $64,205.00 $20,000.00 Years of experience 13 9 7 9 14 13 14 11 8 22 5 8 23 18 2 a) Use Excel to estimate the regression equation (copy and paste your output). What is the coefficient on experience? b) What is the correlation coefficient? c) What is the coefficient of determination, and how do you interpret it? d) Discuss the overall significance of the model
Machine hours and electricity costs for AMK Industries for the past year were as follows: Month January February March April May June July August Machine hours 72 73 77 69 66 71 80 63 Electricity costs $750 $750 $790 $730 $690 $720 $800 $730 Required: Using regression analysis determine the cost function for AMK Industries
An important application of regression analysis is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, one can estimate the cost associated with a particular manufacturing volume. Consider the following sample of monthly production volumes and total costs data for a manufacturing operation for the year 2018. Month (2018) Volume of Production (Units) Total Costs ($) Jan 500 6000 Feb 350 4000 Mar 450 5000 Apr 550 5400 May 600 5900 Jun 400 4000 Jul 400 4200 Aug 350 3900 Sept 400 4300 Oct 600 6000 Nov 700 6400 Dec 750 7000 1) Which of the following is NOT necessarily true about the interpretation of the value of b in the simple linear regression equation y = a + bx for this problem? 2) Which of the following statements are true about the dependent (or response) and independent (or predictor) variables for the simple linear model in…
2. Following data is amount of Assessed Value for an office building for a given floor area, number of office space, number of entrances, and the age of the offic building. Use excel to …. Obtain a Scatter plot of Floor Area as the independent and Assessed value as the dependent variable. Note the linear regression Model Predict the assessed value for 6000 sq ft. FloorArea (Sq.Ft.) Offices Entrances Age AssessedValue ($'000) 4790 4 2 8 1796 4720 3 2 12 1544 5940 4 2 2 2094 5720 4 2 34 1968 3660 3 2 38 1567 5000 4 2 31 1878 2990 2 1 19 949 2610 2 1 48 910 5650 4 2 42 1774 3570 2 1 4 1187 2930 3 2 15 1113 1280 2 1 31 671 4880 3 2 42 1678 1620 1 2 35 710 1820 2 1 17 678 4530 2 2 5 1585 2570 2 1 13 842 4690 2 2 45 1539 1280 1 1 45 433…
Suppose a firm has had the following historic sales figures. Year: 2016 2017 2018 2019 2020 Sales $2,570,000 $3,750,000 $4,380,000 $5,010,000 $5,520,000 What would be the forecast for next year’s sales using regression to estimate a trend?
Training Dept. of Nimrod Inc wants to develop a regression-based compensation model (compensation in $ per year, Comp) for its mid-level managers to encourage performance, loyalty, and continuing education based on three variables. ▪ Business unit-profitability (Profit per year in $). ▪ Working experiences in Nimrod Inc (Years). ▪ Whether or not a manager has a graduate degree (Grads). If a manager has a graduate degree equals 1, 0 otherwise. Table Attached Question: Use the (full) model to determine the compensation for a manager who has been working for twelve years in a company, no graduate degree, and Nimrod Inc profit of $8.000.000 last year.
An important application of regression analysis is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, one can estimate the cost associated with a particular manufacturing volume. Consider the following sample of monthly production volumes and total costs data for a manufacturing operation for the year 2018. Month Production Volume (units) Total Costs ($) January 2018 February 2018 500 6,000 350 4,000 March 2018 450 5,000 April 2018 550 5,400 May 2018 600 5,900 June 2018 400 4,000 July 2018 August 2018 September 2018 400 4,200 350 3,900 400 4,300 October 2018 600 6,000 November 2018 700 6,400 December 2018 750 7,000 Which of the following is NOT necessarily true about the interpretation of the value of b in the simple linear regression equation y = a + bx for this problem? * I. The monthly total costs will increase by $7.6437 for every one-unit increase in the…
Consider the following monthly revenue data for an up-and-coming cyber security company. Month 1 2 3 4 5 6 7 8 9 Revenue (Thousands of Dollars) 315 535 533 574 628 659 697 709 789 The summary output from a regression analysis of the data is also provided. Sales Data Intercept Month Regression Statistics Multiple R R Square Adjusted R Square Standard Error Month Revenue (Thousands of Dollars) 10 819 11 827 12 843 13 855 14 849 15 858 16 870 17 901 18 913 Observations 0.933348483 0.871139392 0.863085604 60.36074188 18 ANOVA df MS SS Regression 1 394,091.071207 394,091.071207 Residual 16 58,294.706570 3643.419161 Total 17 452,385.777778 F 108.16517503 t Stat P-value Coefficients Standard Error 460.94771242 29.68313147 15.52894488 4.53893E-11 28.52012384 2.742253998 10.400248796 1.58675E-08 Step 3 of 3: What percent of the variation in revenue is explained by the linear time trend model? Round to two decimal places, if necessary.
Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price $2.70 $3.40 $1.90 $4.10 $3.00 $4.00 Using simple linear regression, and given that the price per cup is $1.80, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place). Number Sold 765 510 980 245 320 480
Training Dept. of Nimrod Inc wants to develop a regression-based compensation model (compensation in $ per year, Comp) for its mid-level managers to encourage performance, loyalty, and continuing education based on three variables. ▪ Business unit-profitability (Profit per year in $). ▪ Working experiences in Nimrod Inc (Years). ▪ Whether or not a manager has a graduate degree (Grads). If a manager has a graduate degree equals 1, 0 otherwise. Table Attached Question: Which explanatory variables and interaction terms are significant and not significant at alpha = 5%? Explain your answer briefly.
Jensen Tire & Auto is in the process of deciding whether to purchase a maintenance contract for its new computer wheel alignment and balancing machine. Managers feel that maintenance expense should be related to usage, and they collected the following information on weekly usage (hours) and annual maintenance expense (in hundreds of dollars). Weekly Usage Annual (hours) Maintenance Expense 15 22 12 27 22 35 30 42 34 52 19 36 26 38 33 44 42 57 40 45 a. Develop the estimated regression equation that relates annual maintenance expense (in hundreds of dollars) to weekly usage hours (to 3 decimals). Expense = Weekly Usage b. Test the significance of the relationship in part (a) at a 0.05 level of significance. Compute the value of the F test statistic (to 2 decimals). The p value is Select your answer- - Select your answer What is your less than 0.01 between 0.01 and 0.025 - Select your a between 0.025 and 0.05 c. Jensen expe between 0.05 and 0.10 greater than 0.10 sed 30 hours per week.…

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