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# units produced 4 6 8 10 12 14 16 18 Cost $1.63K $2.13K $2.50K $2.80K $3.10K $3.40K $3.80K $4.32K o Find the best-fit model curve (from above) to the data (i.e., the least squares solution). Write down your model. • Use your curve to estimate the variable costs for producing 1, 3, 11 and 20 items.

# units produced 4 6 8 10 12 14 16 18 Cost $1.63K $2.13K $2.50K $2.80K $3.10K $3.40K $3.80K $4.32K o Find the best-fit model curve (from above) to the data (i.e., the least squares solution). Write down your model. • Use your curve to estimate the variable costs for producing 1, 3, 11 and 20 items.

Advanced Engineering Mathematics
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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# units produced 4 6 8 10 12 14 16 18 Cost $1.63K $2.13K $2.50K $2.80K $3.10K $3.40K $3.80K $4.32K o Find the best-fit model curve (from above) to the data (i.e., the least squares solution). Write down your model. • Use your curve to estimate the variable costs for producing 1, 3, 11 and 20 items.
Transcribed Image Text:# units produced 4 6 8 10 12 14 16 18 Cost $1.63K $2.13K $2.50K $2.80K $3.10K $3.40K $3.80K $4.32K o Find the best-fit model curve (from above) to the data (i.e., the least squares solution). Write down your model. • Use your curve to estimate the variable costs for producing 1, 3, 11 and 20 items.
2. A simple curve that often makes a good model for the variable costs of a company, as a function of the number of units produced, x, has the form: y = b₁x + b₂x² + b3x³. (There is no constant term because fixed costs are not included.) Consider the following table of recorded variable costs versus units produced for some company:
Transcribed Image Text:2. A simple curve that often makes a good model for the variable costs of a company, as a function of the number of units produced, x, has the form: y = b₁x + b₂x² + b3x³. (There is no constant term because fixed costs are not included.) Consider the following table of recorded variable costs versus units produced for some company:
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