QUESTION 2 A small company manufatures new product on a made-to-order arrangement only. Since orders placed with the com

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Question 2 A Small Company Manufatures New Product On A Made To Order Arrangement Only Since Orders Placed With The Com 1 (95.82 KiB) Viewed 80 times

QUESTION 2 A small company manufatures new product on a made-to-order arrangement only. Since orders placed with the company vary in size the cost to produce the product varies by size, because of different types of running costs. In order to price orders correctly managment wish to estimate the relationship between size of orders places and the cost to produce the order per unit produced. The variables "units produced" and the "cost incurred to manufacture the order, per unit" is recorded for a sample of recently completed orders. The scatterplot shows the observations recorded. In the space provided below, specify an approximate value of the correlation coefficient that would describe this relationship numerically, based on this plot. 300 250 200 CostPerUnit 150 100- 50 0 - 20 80 100 40 60 Units Produced