An accountant wishes to predict direct labor cost on the basis of the batch size of a product produced in a job shop. Da

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An Accountant Wishes To Predict Direct Labor Cost On The Basis Of The Batch Size Of A Product Produced In A Job Shop Da 1 (18.43 KiB) Viewed 111 times

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An accountant wishes to predict direct labor cost on the basis of the batch size of a product produced in a job shop. Data for 12 production runs are given in the table below. Direct Labor Cost ($100s) Batch Size 71 5 663 62 381 35 138 12 861 83 145 14 493 46 548 52 251 23
1024 100 435 41 772 75 A. Find the least squares point estimates bo and b1 on the computer output and report their values. Interpret bo and b1. Does the interpretation of bo make practical sense? B. Use the least squares line to obtain (1) a point estimate of the mean direct labor cost for all batches of size 60 and (2) a point prediction of the direct labor cost for an individual batch of size 60. C. Find the explained variation, the simple coefficient of determination, and the simple coefficient of correlation. Interpret the r2. D. Calculate the mean square error and standard error of this problem.
E. Using the critical value and p-value approaches, test Ho: B1 = 0 versus Ha: B1 O by setting a equal to 0.1, 0.05, 0.01, and 0.001. How much evidence is there that the slope (regression relationship) is significant? F. Using the critical value and p-value approaches, test Ho: Bo = 0 versus Ha: Bo # O by setting a equal to 0.1, 0.05, 0.01, and 0.001. What do you conclude about the significance of the y-intercept?