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A manufacturer produces custom metal blanks that are used by its customers for computer-aided machining. The customer sends a design via computer (a 3-D blueprint), and the manufacturer comes up with an estimated cost per unit, which is then used to determine a price for the customer. This analysis considers the factors that affect the cost to manufacture these blanks. The data for the analysis were sampled from the accounting records of 20 previous orders that were filled during the last 3 months Complete parts (a) through (g) below Click the icon to view the data table COCOD OD: Yes, the scatterplot shows a weak linear trend. (b) Estimate the linear equation using least squares. Be sure to include their units Interpret the fitted intercept and slope Note if either estimate represents a large extrapolation and is consequently not reliable. Estimated Average Cost ($ per unit)) Material Cost ($ per unit) (Round to three decimal places as needed) What is the correct interpretation of the intercept? Select the correct choice below and fill in the answer box(es) to complete your choice (Round to three decimal places as needed.). per unit For every dollar increase in material cost per unit, the average cost per unit increases by S OA. The intercept is $ COB. The intercept is S OC. The intercept of $ per unit. For every dollar increase in average cost, the matonal cost per unit increases by S por unt per unit is the average cost per unit with 0 material cost OD. The intercept of $ per unit is a large extrapolation and not directly interpretable per unit What is the correct interpretation of the slope? Select the correct choice below and fill in the answer box(es) to complete your choice. (Round to three decimal places as needed) OA. The slope of $ per unit is a large extrapolation and not directly interpretable.
CIZED NEW sing What is the correct interpretation of the slope? Select the correct choice below and fill in the answer box(es) to complete your choice. (Round to three decimal places as needed) OA. The slope of $ per unit is a large extrapolation and not directly interpretable per unit. For every dollar increase in average cost, the material cost increases by S per unit OB. The slope is $ OC. The slope is $ per unit. For every dollar increase in material cost per unit, the average cost increases by S OD. The slope of $ per unit is the average cost per unit with 0 material cost (c) Interpret the summary values and s, associated with the fitted equation. Attach units to these summary statistics as appropriate 22- with with (Round to three decimal places as needed) What is the correct interpretation of the summary values r² and s? Select the correct choice helow and s per unit 4
A manufacturer produces custom metal blanks that are used by its customers for computer-aided machining. The customer sends a design via computer (a 3-D blueprint), and the manufacturer comes up with an estimated cost per unit, which is then used to determine a price for the customer. This analysis considers the factors that affect the cost to manufacture these blanks. The data for the analysis were sampled from the accounting records of 20 previous orders that were filled. during the last 3 months. Complete parts (a) through (a) below Click the icon to view the data table What is the correct interpretation of the summary values and s? Select the correct choice below and fill in the answer boxes to complete your choice (Round to one decimal place as needed.) OA. The value of 2 means that the equation describes about per unit OB. The value of 2 means that the average residual is $ OC. The value of 2 means that the equation describes about % of the variation The value of 5, means that the standard deviation of the residuals is S per unit. The value of Se means that the equation does not describe about % of the variation The value of s, means that the average residual is $ (d) What is the estimated increase in the average cost per finished item if the material cost per unit goes up by $3? The estimated increase in the average cost is $ per unit (Round to two decimal places as needed) (e) One can argue that the slope in this regression should be 1, but it's not. Explain the difference OA. Additional material adds more to the average unit cost than just the cost of the material added. OB. If the regression were expressed in terms of cents per unit, the slope would be equal to 1. Adddinnal it in man than the #moronen in the materia % of the variation per unit
(Kound to two oecimal piaces as needed) (e) One can argue that the slope in this regression should be 1, but it's not. Explain the difference OA. Additional material adds more to the average unit cost than just the cost of the material added OB. If the regression were expressed in terms of cents per unit, the slope would be equal to 1 OC. Additional cost per unit is more than the $1 increase in the material cost OD. There is no difference. The slope in the regression is equal to 1. (1) The average cost of one order in these data was $52.37 per unit with material costs of $2.77 per unit. Is this a relatively expensive order given the material costs? OA. Yes, because the expected average cost per unit found using the regression line is significantly more than the average unit price of $52.37 OB. Yes, because the expected average cost per unit found using the regression line is close to the average unit price of $52.37 OC. Yes, because the expected average cost per unit found using the regression line is significantly less than the average unit price of $52 37 COD. No, because the expected average cost per unit found using the regression line is close to the average unit price of $52.37 (a) Plot the residuals from the regression Summarize these by giving the mean and standard deviation of the collection of residuals What does the standard - deviation of the residuals tell about the fit of the equation? 4
A manufacturer produces custom metal blanks that are used by its customers for computer-aided machining. The customer sends a design via computer (a 3-D blueprint), and the manufacturer comes up with an estimated cost per unit, which is then used to determine a price for the customer. This analysis considers the factors that affect the cost to manufacture these blanks. The data for the analysis were sampled from the accounting records of 20 previous orders that were filled during the last 3 months Complete parts (a) through (g) below Click the icon to view the data table (9) Plot the residuals from the regression. Summarize these by giving the mean and standard deviation of the collection of residuals What does the standard deviation of the residuals tell about the fit of the equation? Choose the correct graph below OA Residual 10- -10 Materal Cont OB Residua 10 Material Cost (unit) Compute the mean of the residuals, o 6-0 (Round to three decimal places as needed) Compute the standard deviation of the residuals, e OC. Residual 10 10 Materal Cost (nt) Q OU OD 10 Material Cost (unit) C
Material Cost Compute the mean of the residuals, o Material Cost (Sunt (Round to three decimal places as needed) Compute the standard deviation of the residuals, Se Matal Cost Material Cast (unt (Round to three decimal places as needed) What does the standard deviation of the residuals tell about the fit of the equation? Choose the correct answer below, and if necessary, fill in the answer box(es) to complete your choice (Round to three decimal places as needed) OA Two-thirds of the average costs are within units of the regression line, and 95% of the average costs are within OB. The standard deviation cannot be used to determine anything about the fit of the equation OC. Two-thirds of the average costs are within units of the regression line units
Data Table Material Cost ($ per unit) 1.06 5.78 4.79 7.54 3.29 0.91 2.77 4.81 3.68 2.21 0.71 6.56 4.18 6.25 5.68 5.55 5.86 6.45 3.68 6.31 Print Average Cost ($ per unit) 39.67 54.12 47.99 46.56 36.77 36.47 52.37 49.56 45.93 46.14 32.11 44.95 39.66 50.15 52.87 44.61 54.53 43.57 42.31 43.83 Done 0 - X