Thane Company is interested in establishing the relationship between electricity

Question

Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow: 0 Machine Hours Electricity Costs February Summary Output Regression Statistics Multiple H R Square Adjusted R2 Standard Error Observations 1,443.07 Lower 95%Upper 95% 6,741.44 6.88 Coefficients Standard Error t Stat p-value (1,284.17) 4.66 0.16 1,800.97 0.50 2728.64 Machine Hours 5.77 11.56 0.00

Explanation / Answer

coefficient of machine hours is 5.77

so

option c is correct one

Variable cost = $5.77 x Machine hourrs

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