An accountant wishes to predict direct labor costly on the basis of the batch size (x) of a product produced in a job sh

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An Accountant Wishes To Predict Direct Labor Costly On The Basis Of The Batch Size X Of A Product Produced In A Job Sh 1 (62.06 KiB) Viewed 88 times

An accountant wishes to predict direct labor costly on the basis of the batch size (x) of a product produced in a job shop. Data for 12 production runs are given in the table below, along with the Excel output from fitting a least squares regression line to the data. Direct Labor Cost Data Direct Labor Batch Cost, y ($100s) Size, x 71 5 663 62 381 35 138 12 861 83 145 14 493 46 548 52 251 23 1024 100 435 41 772 75 以台3.8 x Shars on Click here for the Excel Data File Batch Size Line Fit Plot 1000 LaborCost = 18.488 + 10.146* BSize 800 600 600 + Labor Cost 400 - 200 0 0 + 80 + 100 20 40 60 Batch Size (a) Calculate by and be. (Round intermediate steps to 4 decimals places.) b1 | b0

(b) Interpret the meanings of bo and 61. Does the interpretation of be make practical sense? bo is the estimated when I= 0 for every 1 unit increase in b1 is the estimated in (c) Write the least squares prediction equation. (Round your answers to 4 decimal places.) y-hat = (d) Use the least squares line to obtain a point estimate of the mean direct labor cost for all batches of size 60 and a point prediction of the direct labor cost for an individual batch of size 60. (Round your answer to 3 decimal places.) y-hat(60) = hundreds of dollars