Homework Help is Here – Start Your Trial Now!
Math
Statistics
Using the best cost driver, what is the estimated total cost of f 12,300 sculpting hours are incurred and Fred's uses 1,190 ice Assume these estimates are within the relevant range. $272,705.65 $456,548.94 $270,584.35 $354,404.13 $83,819.78 $309,957.00 $123,981.00 None of the above

Using the best cost driver, what is the estimated total cost of f 12,300 sculpting hours are incurred and Fred's uses 1,190 ice Assume these estimates are within the relevant range. $272,705.65 $456,548.94 $270,584.35 $354,404.13 $83,819.78 $309,957.00 $123,981.00 None of the above

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
Use the following information to answer the next two questions: Fred's Frozen Creations has been contracted to train Utah's synchronized ice sculpting team. They have identified two different independent variables (ice sculpting hours and number of ice blocks used in training) in two different equations to evaluate the cost of training. The results of the two regressions are as follows: SUMMARY OUTPUT - Sculpting hours Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations Intercept Sculpting hours Multiple R R Square Adjusted R Square Standard Error Observations SUMMARY OUTPUT - Number of ice blocks Regression Statistics Intercept Number of blocks 0.6986 0.4532 0.3143 $40,587 24 Coefficients $1,214.35 $21.90 a. $272,705.65 b. $456,548.94 c. $270,584.35 d. $354,404.13 e. $83,819.78 f. $309,957.00 g. $123,981.00 h. None of the above 0.6145 0.3320 0.2874 $43,127 24 Standard Error $425.78 $6.78 Coefficients $6,764.58 $223.48 Standard Error $2,273.09 $152.58 t Stat 2.85 3.23 t Stat 2.98 1.46 Using the best cost driver, what is the estimated total cost of training these athletes if 12,300 sculpting hours are incurred and Fred's uses 1,190 ice blocks during training? Assume these estimates are within the relevant range.
Transcribed Image Text:Use the following information to answer the next two questions: Fred's Frozen Creations has been contracted to train Utah's synchronized ice sculpting team. They have identified two different independent variables (ice sculpting hours and number of ice blocks used in training) in two different equations to evaluate the cost of training. The results of the two regressions are as follows: SUMMARY OUTPUT - Sculpting hours Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations Intercept Sculpting hours Multiple R R Square Adjusted R Square Standard Error Observations SUMMARY OUTPUT - Number of ice blocks Regression Statistics Intercept Number of blocks 0.6986 0.4532 0.3143 $40,587 24 Coefficients $1,214.35 $21.90 a. $272,705.65 b. $456,548.94 c. $270,584.35 d. $354,404.13 e. $83,819.78 f. $309,957.00 g. $123,981.00 h. None of the above 0.6145 0.3320 0.2874 $43,127 24 Standard Error $425.78 $6.78 Coefficients $6,764.58 $223.48 Standard Error $2,273.09 $152.58 t Stat 2.85 3.23 t Stat 2.98 1.46 Using the best cost driver, what is the estimated total cost of training these athletes if 12,300 sculpting hours are incurred and Fred's uses 1,190 ice blocks during training? Assume these estimates are within the relevant range.
Expert Solution
steps

Step by step

Solved in 4 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS