The owner of a moving company typically has his most experienced manager predict

Question

The owner of a moving company typically has his most experienced manager predict the total of labor that will be to complete upcoming move. This approach has proved useful in the past, but the owner would like develop a more accurate method of predicting the labor hours using the number of cubic moved and whether there is an elevator building. In a preliminary effort to provide a more method, he has collected data for 36 moves and has developed the following regression equation: Y = 2.50 + .05X_1 = 3.00X_2 where X_1 = amount of cubic feet moved X_2 = 1 for elevator and 0 for no elevator Y = man hours of labor Interpret the meaning of the slopes, specifically in the context of the problem. y = 2.5 + .5x_1 - 3x_2

Explanation / Answer

the slopes in the model represents change in labor hours with respect to change in amount of movement and presence of lift in the building,

the slope coefficient 0.5 is the hours of labour required in movement of luggage to an amount of 1 ft. when o changes in the presence of lift are made.

while the the coefficient -3 explains that the amount of labor effert is reduced by 3 hours in presence of lift and 0 hours in absence of lift when there is no change in movement of luggage.

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