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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 dolars) for a particular manufacturing operation were used to develop the estimated regression equation 45.33+ 8.24 Production Volume Total Cost (units) 400 3,900 450 4,900 550 5,300 600 5,800 700 6,500 750 7,100 (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.) (b) Develop a 99% prediction interval for the total cost (in dollars) for next month. (Round your answers to the nearest cent.) to s (c) If an accounting cost report at the end of next month shows that the actual production cost during the month was $7,200, should managers be concerned about incuring such a high total cost for the month? Discuss. Since $7,200 isSelect the prediction interval, managers should Selectv concerned about incurring such a high total cost for one month.

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 dolars) for a particular manufacturing operation were used to develop the estimated regression equation 45.33+ 8.24 Production Volume Total Cost (units) 400 3,900 450 4,900 550 5,300 600 5,800 700 6,500 750 7,100 (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.) (b) Develop a 99% prediction interval for the total cost (in dollars) for next month. (Round your answers to the nearest cent.) to s (c) If an accounting cost report at the end of next month shows that the actual production cost during the month was $7,200, should managers be concerned about incuring such a high total cost for the month? Discuss. Since $7,200 isSelect the prediction interval, managers should Selectv concerned about incurring such a high total cost for one month.

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
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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 145.33+8.24 Production Volume (units) Total Cost 400 3,900 450 4,900 550 5,300 600 5,800 700 6,500 750 7,100 (a) The company's production schedule shows that 650 units must be produced next month. Wmat is the point estimate of the total cost (in dollars) for next month? (Round your answer to the nearest cent.) (b) Develop a 99% prediction interval for the total cost (in dollars) for next month. (Round your answers to the nearest cent. ) to s (c) If an accounting.cost report at the end of next month shows that the actual production cost during the month was $7,200, should managers be concermed about incurming such a high total cost for the month? Discuss. Since $7,200 is-Selectv the prediction interval, managers should-Selectv concermed about incurring such a high total cost for one monith.
Transcribed Image Text: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 145.33+8.24 Production Volume (units) Total Cost 400 3,900 450 4,900 550 5,300 600 5,800 700 6,500 750 7,100 (a) The company's production schedule shows that 650 units must be produced next month. Wmat is the point estimate of the total cost (in dollars) for next month? (Round your answer to the nearest cent.) (b) Develop a 99% prediction interval for the total cost (in dollars) for next month. (Round your answers to the nearest cent. ) to s (c) If an accounting.cost report at the end of next month shows that the actual production cost during the month was $7,200, should managers be concermed about incurming such a high total cost for the month? Discuss. Since $7,200 is-Selectv the prediction interval, managers should-Selectv concermed about incurring such a high total cost for one monith.
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